Global Analysis from the European Perspective. Preparing for the world of tomorrow

CBO projects highest rate of US debt-to-GDP since 1945

The Congressional Budget Office (CBO) projects a $3.3 trillion budget deficit this year. That is to say, the federal government is spending almost double what it will collect in taxes. As a result, the CBO estimates that national debt will consume 98% of GDP, or nearly the total yearly output of the United States’ economy. This would make debt the largest share of GDP since 1945, following the massive spending of World War II. Suorce Main Wire

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