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U.S. deficit to hit 5.9% of GDP by 2030, debt to soar to 108% of GDP, CBO warns.
The Congressional Budget Office projects the U.S. federal deficit will rise to 5.9% of GDP by 2030, driven by growing spending on Social Security, Medicare, and Medicaid, which together are expected to exceed 30% of GDP by 2034.
Federal debt held by the public is forecast to reach 108% of GDP by 2030 and climb to 175% by 2056, with interest payments on the debt projected to exceed $2.1 trillion annually by 2036.
Despite modest economic growth of 2.1% and low long-term Treasury yields, the CBO warns the current fiscal path is unsustainable without major policy changes to reduce deficits.
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El déficit de EE.UU. alcanzará el 5.9% del PIB para 2030, la deuda se disparará al 108% del PIB, advierte la CBO.