Congressional Budget Office: U.S. federal debt in 2035 projected to exceed historic high
The U.S. federal debt is ballooning and expected to exceed U.S. gross-domestic product by 2035 – a bleak projection that even has officials at the Congressional Budget Office admitting that, if something isn’t done to curb the nation’s financial woes, our debt could soon spell worldwide financial disaster.
The United States is less than two decades away from exceeding its highest recorded level of federal debt, according to the non-partisan Congressional Budget Office (CBO).
The CBO projects that U.S. federal debt will pass 106 percent of the country’s gross domestic product (GDP) by 2035, in its second long-term budget outlook report of 2016. That level was recorded once before, in 1946, shortly after World War II…
Ballooning federal debt raises questions about U.S. economic stability and the country’s capacity to pay its loans. If left unchecked, that debt could trigger a national or international economic crisis, according to the CBO.
It’s high time lawmakers in Washington, D.C. come up with a solution to the debt crisis and begin reigning in spending. Click here to help Tea Party Patriots implore lawmakers to adopt commonsense spending legislation that would balance the budget with five years!