The Congressional Budget Office forecasts that large budget deficits will cause the U.S. federal debt to increase at “unprecedented levels” if current policies continue over the next 30 years.
In its newly released report, the CBO says the debt will rise from 78% of gross domestic product (GDP) in 2019 to 92% in 2029 and 144% in 2049.
According to the report, "That level of debt would be the highest in the nation’s history by far, and it would be on track to increase even more. The prospect of such high and rising debt poses substantial risks for the nation, and presents policymakers with significant challenges."
Agency director Phillip Swagel also said that the rising debt "poses substantial risks for the nation and presents policymakers with significant challenges."