CBO’s February 2024 Budget and Economic Outlook – CRFB

“Debt will reach a record 116 percent of GDP by 2034. Under current law, CBO projects that federal debt held by the public will grow by $21 trillion over the next decade, reaching $48 trillion by the end of FY 2034. Debt will grow from 97 percent of GDP in 2023 to 116 percent by 2034; it could grow to 131 percent of GDP by 2034 if policymakers extend various expiring policies.”

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