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Capitol Report: The federal debt will grow to 1.5 times the total economy, the CBO projects

CBO

The Congressional Budget Office raised its projection of where federal debt held by the public will go over the next few decades if current spending and tax laws stay the same, saying such growing debt would increase the likelihood of a fiscal crisis.

In its new long-term budget outlook, the nonpartisan CBO said debt would reach 150% of gross domestic product in 2047. In January, the CBO said it would reach 145% that year. The change primarily stems from higher projected spending toward the end of the 30-year period, CBO said.

The basic issue with the U.S.’s finances, per CBO pic.twitter.com/vvu5apYeJz

— Capitol Report (@capitolreport) March 30, 2017

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