{"id":104221,"date":"2024-02-08T03:03:25","date_gmt":"2024-02-08T03:03:25","guid":{"rendered":"https:\/\/lascrucestoday.com\/newstalklc\/us-government-debt-to-top-54-trillion-in-next-decade-cbo-says\/"},"modified":"2024-02-08T03:03:25","modified_gmt":"2024-02-08T03:03:25","slug":"us-government-debt-to-top-54-trillion-in-next-decade-cbo-says","status":"publish","type":"post","link":"https:\/\/lascrucestoday.com\/newstalklc\/us-government-debt-to-top-54-trillion-in-next-decade-cbo-says\/","title":{"rendered":"US government debt to top $54 trillion in next decade, CBO says"},"content":{"rendered":"
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Drew Angerer\/Getty Images<\/figcaption><\/figure>\n

(WASHINGTON) —\u00a0The federal government’s record-high national debt is set to get even bigger, reaching a massive $54 trillion by the year 2034.<\/p>\n

That’s according to a new forecast released Wednesday from the nonpartisan Congressional Budget Office (CBO).<\/p>\n

The CBO cited an aging population and rising federal health care costs as key reasons the national debt will soar over the next decade. U.S. national debt surpassed $34 trillion for the first time in January this year.<\/p>\n

Higher interest rates — which have affected consumers’ finances with more expensive mortgages, auto loans and credit card rates — are also having a big impact on the government’s expenditures.<\/p>\n

Starting next year, interest costs in relation to the overall economy will be bigger than at any point since 1940.<\/p>\n

The CBO said it expects the Federal Reserve will start to lower interest rates in the middle of this year.<\/p>\n

In positive news: the CBO said legislation enacted in the wake of the debt ceiling drama last year will result in a lower budget deficit than previously expected. The budget deficit refers to the difference between how much money the federal government brings in (mainly through taxes) versus how much it spends.<\/p>\n

The CBO also said the budget deficit is smaller than expected because of a strong economy and jobs market. The agency singled out an additional 5.2 million workers who entered the labor force last year, many of them immigrants.<\/p>\n

Still, the budget deficit is on track to grow to $1.6 trillion this year and $2.6 trillion over the next decade.<\/p>\n

“Our debt is rising out of control, and it’s time for Congress to wake up,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement to ABC News.<\/p>\n

Copyright \u00a9 2024, ABC Audio. All rights reserved.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Drew Angerer\/Getty Images (WASHINGTON) —\u00a0The federal government’s record-high national debt is set to get even bigger, reaching a massive $54 trillion by the year 2034. That’s according to a new forecast released Wednesday from the nonpartisan Congressional Budget Office (CBO). The CBO cited an aging population and rising federal healthRead More →<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[156,31,2],"tags":[273,271,276,274,270,123,275,133,124,272,102,103],"_links":{"self":[{"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/posts\/104221"}],"collection":[{"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/comments?post=104221"}],"version-history":[{"count":0,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/posts\/104221\/revisions"}],"wp:attachment":[{"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/media?parent=104221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/categories?post=104221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/tags?post=104221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}