US Faces Steady Federal Debt Increase Over 30 Years

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The cumulative US national debt will grow to 150 percent of the nation’s annual economic output of goods and services by 2047 if present spending laws remain unchanged, according to the 2017 Long-Term Budget Outlook by the US Congressional Budget Office (CBO) released on Thursday.

WASHINGTON (Sputnik) — At 77 percent of GDP, the federal debt held by the US public is at its highest level since World War II, the report revealed.

"If current laws remained generally unchanged, the United States would face steadily increasing federal budget deficits and debt over the next 30 years- reaching the highest level of debt relative to GDP [gross domestic product] ever experienced in this country," the report said.

U.S. President Donald Trump looks on following a swearing-in ceremony for Defense Secretary James Mattis at the Pentagon in Washington, U.S., January 27, 2017. - Sputnik International
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Moreover, under current laws, the CBO projected that the cumulative US national debt will exceed the nation’s annual economic output by 50 percent in 2047.

In addition, annual budget deficits will increase in the next 30 years from 2.9 percent of GDP in 2017 to 9.8 percent in 2047 because spending growth is projected to outpace growth in revenues, the report said.

CBO last released detailed long-term budget projections in July 2016 and issued a partial update in January 2017. The agency typically updates its ten-year budget projections in the spring in conjunction with its analysis of the US president's budget request.

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