Fiscal challenges are ahead for the United States, according to the Congressional Budget Office (CBO). Each year, the nonpartisan CBO publishes its projections of where the federal budget and the economy will be in 30 years, based on current laws. Overall, the CBO foresees that large, sustained deficits will lead to high and rising debt, exceeding previous levels. The deficit in 2023 is at 5.8% of gross domestic product (GDP). It could dip to 5.0% of GDP by 2027, but then grow each year reaching 10% by 2053. The projected deficit rise is based on spending growing faster than revenue and rising interest costs, according to the CBO. Here’s the report: https://bit.ly/3rhqgwh
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