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The U.S. public debt burden will reach 181 percent of economic output in 2053, the Congressional Budget Office (CBO) said on Wednesday, a slight improvement over recent long-term projections due to discretionary spending caps enacted as part of the recent deal to raise the federal debt ceiling.
The CBO said that the U.S. budget deficits over the next 30 years will far exceed the 1993-2022 average of 3.7 percent of GDP, reaching 6.4 percent in 2033 and 10 percent in 2053.
The CBO said that outlays for net interest, social security and healthcare programs will continue to rise as a share of economic output as the population ages, while revenues remain largely flat, in the 18-19 percent range.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466