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Congressional Budget Office: Debt to Surpass GDP at Record Level over Next Decade

Repost from The Virginia Star.

The Congressional Budget Office released its economic outlook for the next decade and projected record high debt levels compared to the nation’s Gross Domestic Product.

The CBO projected a decrease in the deficit compared to the major COVID-era spending spree that helped fuel inflation to its current high levels.

“CBO projects that the federal budget deficit will shrink to $1.0 trillion in 2022 (it was $2.8 trillion last year) and that the annual shortfall would average $1.6 trillion from 2023 to 2032,” CBO said. “The deficit continues to decrease as a percentage of gross domestic product (GDP) next year as spending related to the coronavirus pandemic wanes, but then deficits increase, reaching 6.1 percent of GDP in 2032. The deficit has been greater than that only six times since 1946.”

The CBO also predicted a slight decrease in the debt to GDP ratio but said that would be followed by record high debt levels.

“Relative to the size of the economy, federal debt held by the public is projected to dip over the next two years, to 96 percent of GDP in 2023, and to rise thereafter. In CBO’s projections, it reaches 110 percent of GDP in 2032 (higher than it has ever been) and 185 percent of GDP in 2052,” CBO said. “Moreover, if lawmakers amended current laws to maintain certain policies now in place, even larger increases in debt would ensue.”

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Virginians for America First (VFAF) is a 501(c)4 established in early 2021 by the Reverend Leon Benjamin. The goal of VFAF is to unify the citizens of the Commonwealth and focus their efforts to regain the majority in the Virginia House of Delegates in 2021. This is the first step in stopping Virginia’s slide into the totalitarian abyss, and the first step in the restoration of our American republic as envisioned by the founders - a republic that provides and protects the freedom and liberties of all it citizens based on the meaning of our national motto, “In God We Trust.”

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