The federal budget deficit in 2025 will reach $1.9 trillion, according to figures released earlier this month by the Congressional Budget Office. Additionally, federal debt will reach 118 percent of GDP in 2035, according to the CBO’s forecast.
“In CBO’s projections, the federal budget deficit in fiscal year 2025 is $1.9 trillion,” the CBO’s projection says. “Adjusted to exclude the effects of shifts in the timing of certain payments, the deficit grows to $2.7 trillion by 2035. It amounts to 6.2 percent of gross domestic product (GDP) in 2025 and drops to 5.2 percent by 2027 as revenues increase faster than outlays. In later years, outlays increase faster than revenues, on average. In 2035, the adjusted deficit equals 6.1 percent of GDP—significantly more than the 3.8 percent that deficits have averaged over the past 50 years.”
Massive U.S. Debt: How is That Possible?
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