CBO: US deficit levels unsustainable
Congress’s nonpartisan budget watchdog warned Tuesday that U.S. entitlement programs would drive the country’s debt to unsustainable levels in the coming years. The federal debt is now 74 percent of the nation’s gross domestic product (GDP), the Congressional Budget Office (CBO) said in its latest long-term budget outlook, a product of the outsized budget deficits the U.S. recorded following the 2008 fiscal crash. But the U.S.’s aging population will help drive increased spending on healthcare programs like Medicare and on Social Security, increasing the debt to 106 percent of GDP by 2039. “Debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely,” the CBO’s report said….Read More
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