The Congressional Budget Office projects the U.S. national debt to surpass $56 trillion by 2034, driven by rising spending, interest expenses, Social Security, and Medicare costs, amidst declining tax revenues.
Budget deficits are anticipated to rise, with a projected deficit of $2.9 trillion by 2034, and public debt is forecasted to reach 122% of GDP in the same year, posing significant fiscal challenges for the country.
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