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U.S. deficit will soar in the next decade, new CBO projections show

Posted on AllSides February 7th, 2024
From The Left
Ting Shen/Bloomberg via Getty Images

The U.S. deficit is expected to climb over the next 10 years with higher interest payments set to account for a historic share of government spending, the Congressional Budget Office said on Wednesday.

Why it matters: New projections from the nonpartisan agency show deficits jumping from $1.6 trillion this year to $2.6 trillion in 2034, alongside a slightly less gloomy prediction for the nation's fiscal health than previously estimated.

By the numbers: The deficit will be 5.6% of GDP this year before jumping to 6.1% in 2025, and ultimately holding...

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