The Congressional Budget Office warned in its latest projections that U.S. federal government debt is on a path from 97% of GDP last year to 116% by 2034 - higher even than in World War II.
In 88% of the simulations, the results show the debt-to-GDP ratio is on an unsustainable path - defined as an increase over the next decade.
Biden administration proposals offer substantial deficit reduction that would continue to hold the level of interest expense at comfortable levels.
Republicans want deep spending cuts to bring down the ballooning deficit, while Democrats argue that interest rates and tax revenues are the key factors affecting debt sustainability.
#us-federal-government-debt #congressional-budget-office-projections #debt-to-gdp-ratio #biden-administration-proposals #deficit-reduction-strategies
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