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MacGuineas was referring to a Treasury report showing that the nation is a staggering $1.4 trillion over budget in just the first nine months of the 2023 fiscal year.
With each U.S. taxpayer on the hook for $253,357 just to cover what’s on the books now, the Congressional Budget Office (CBO) said in a recent report that the national debt will be nearly twice as large as the U.S. economy in 30 years.
“By the end of 2023, federal debt held by the public equals 98 percent of GDP,” according to the budget office. “Debt 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.”
Deficits will also rise.
“In CBO’s 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,” the report said. “Over the past century, that level has been exceeded only during World War II and the coronavirus pandemic.”
America’s debt will exceed the budget for national defense within a decade as federal spending trends show interest payments will soon be the largest expense of the federal government.
“The federal government borrowed $2 trillion over the past 12 months. That’s $63,000 per second,” said Rep. David Schweikert, R-Ariz. “It’s delusional to think our debt doesn’t matter when America’s working class suffers the consequences.”
The responsible federal budget committee said that the trust funds for Medicare, Social Security and highways “will face insolvency” within a decade.