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US Federal Deficits and Debt Projected to Worsen Over Next Decade
The nonpartisan Congressional Budget Office projects worsening US federal deficits and rising debt over the next decade, driven primarily by increased spending, particularly on Social Security and healthcare programs.
The Congressional Budget Office (CBO) has released a 10-year outlook that projects worsening US federal deficits and rising debt over the next decade, primarily due to increased spending on Social Security and other programs. The CBO forecasts a significant increase in government debt from $31.4 trillion to $73.2 trillion by 2033. This growth is largely attributed to projected long-term spending on entitlement programs such as Social Security and Medicare, which are expected to account for the majority of federal spending by 2045. As a result, the US will struggle to pay off its debt, potentially leading to a sovereign debt crisis in the future.
Brief written with AI from reporting by Al Jazeera English. All rights to the original story belong to the publisher.