But while some of the most influential figures in the economy are calling for an action plan, the government has continued to spend at a rate which will add $2.1 trillion to the country’s bill by 2034.
That’s according to the latest report from the Congressional Budget Office (CBO). In February the CBO said its predicted deficit for the year was $1.5 trillion, growing to $2.6 trillion by 2034.
However in a report released this week the CBO wrote: “In CBO’s current projections, the deficit for 2024 is $400 billion (or 27%) larger than it was in the agency’s February 2024 projections, and the cumulative deficit over the 2025–2034 period is larger by $2.1 trillion (10%).”
Currently America’s national debt stands at $34.7 trillion—though the figure itself is not what has so many economists worried. Instead, experts are concerned about America’s debt-to-GDP ratio, which indicates how much the country…
