The US Congressional Budget Office has kept its forecast for the country’s national debt to rise to a record 166% of GDP by the end of 2054, Report informs.
The US national debt will increase from 99% of GDP in 2024 to 166% of GDP in 2054. The figure will exceed any previously record numbers and will continue to grow after that, according to the document.
Thus, the Congressional Budget Office didn’t change the forecast for growth of the US national debt, presented in March 2024. At the same time, the report notes that if private investment declines or government revenues and expenditures remain at 30-year averages, the US national debt might exceed 250% of GDP in 2054.
In early January, the US national debt exceeded $34 trillion. In 2023, it grew by more than $4 trillion. On June 3, 2023, President Joe Biden signed a bill previously approved by Congress to increase the national debt ceiling. The limit will now be reached on January 2, 2025.