Budget groups continue to release dire forecasts for the explosive growth of the U.S. national debt.<\/p>\n\n\n\n
The U.S. Treasury reported<\/a> a $1.4 trillion deficit so far nine months into fiscal year 2023.<\/p>\n\n\n\n \u201cThree-quarters into the fiscal year and we\u2019re borrowing an astounding $5.1 billion per day,\u201d said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. \u201cIf that isn\u2019t a sign that we need a wake-up call, maybe it should be the fact that the deficit for this fiscal year is now larger than all of last year’s deficit \u2013 and there\u2019s still three months to go.<\/p>\n\n\n\n The U.S. Congressional Budget Office released a report<\/a> earlier this year projecting the national debt will be nearly twice as large as the U.S. economy in 30 years.<\/p>\n\n\n\n \u201cBy the end of 2023, federal debt held by the public equals 98 percent of GDP,\u201d the report said. \u201cDebt then rises in relation to GDP: It surpasses its historical high in 2029, when it reaches 107 percent of GDP, and climbs to 181 percent of GDP by 2053.\u201d<\/p>\n\n\n\n CBO also reports that deficits will likely rise as well.<\/p>\n\n\n\n \u201cIn CBO\u2019s projections, the deficit equals 5.8 percent of gross domestic product (GDP) in 2023, declines to 5.0 percent by 2027, and then grows in every year, reaching 10.0 percent of GDP in 2053,\u201d the report said. \u201cOver the past century, that level has been exceeded only during World War II and the coronavirus pandemic.\u201d<\/p>\n\n\n\n