The Congressional Budget Office says 2035 estimate is about 118% of U.S. gross domestic product, and will exceed the prior record set just after World War II in 1946.<\/p>\n\n\n\n
The Congressional Budget Office’s most recent report delivered a grim outlook for federal finances, noting that public debt will rise from nearly $29 trillion to $52 trillion by 2035.<\/p>\n\n\n\n
That 2035 estimate is about 118% of U.S. gross domestic product, a measure of economic output. By 2029, debt as percentage of GDP will exceed the prior record set just after World War II in 1946.<\/p>\n\n\n\n
CBO projects<\/u><\/a> the federal budget deficit in fiscal year 2025 will be $1.9 trillion. That figure is expected to grow to $2.7 trillion by 2035. In later years of the next decade, federal spending grows faster than revenues, on average. In 2035, the adjusted deficit equals 6.1% of GDP \u2013 significantly more than the 3.8% that deficits have averaged over the past 50 years.<\/p>\n\n\n\n Congress has run a deficit every year since 2001. In the past 50 years, the federal government has ended with a fiscal year-end budget surplus four times, most recently in 2001.<\/p>\n\n\n\n The Committee for a Responsible Federal Budget said the financial outlook worsens if Congress renews President Donald Trump’s 2017 tax cuts.<\/p>\n\n\n\n