CBO: US regime’s deficit will soar in the next decade

Source: Axios

“The U.S. deficit is expected to climb over the next 10 years with higher interest payments set to account for a historic share of government spending, the Congressional Budget Office said on Wednesday. New projections from the nonpartisan agency show deficits jumping from $1.6 trillion this year to $2.6 trillion in 2034, alongside a slightly less gloomy prediction for the nation’s fiscal health than previously estimated. The deficit will be 5.6% of GDP this year before jumping to 6.1% in 2025, and ultimately holding at that level in 2034.” (02/07/24)