Congressional Budget Office: Expected US public debt to reach 181% of GDP by 2053 Congressional | Report | GDP
On June 28th local time, the Congressional Budget Office released a long-term forecast report, emphasizing the seriousness of the financial challenges facing Congress and President Biden. The report predicts that by 2029, public debt in the United States will rise to 107% of GDP, and is expected to reach 181% by 2053.
According to the report, by the end of this year, US public debt will reach 98% of GDP. According to the report, this high and rising debt will slow down economic growth, push up interest payments to foreign holders of US debt, and pose a major risk to US fiscal and economic prospects; It may also lead to legislators being more restricted in policy choices.