CBO: US debt will spike to record high by 2029, despite debt ceiling deal | CNN Business

US debt held by the public will climb to a record high of 107% of the gross domestic product in 2029, the nonpartisan Congressional Budget Office projected on Wednesday. That’s up from 98% of GDP at the end of this year. In other words, the amount of money the United States owes will significantly exceed the size of its economy. The projection comes despite the bipartisan debt ceiling deal hailed by its backers as a major deficit reducer.

“Such high and rising debt would slow economic growth, push up interest payments to foreign holders of US debt and pose significant risks to the fiscal and economic outlook,” the CBO said. “It could also cause lawmakers to feel more constrained in their policy choices.” The CBO’s 2053 projection translates to debt held by the public to hit $144 trillion, not adjusted for inflation, according to Chris Towner, policy director at the Committee for a Responsible Federal Budget.

Österreich Neuesten Nachrichten, Österreich Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

LVMH owner Bernard Arnault reportedly visits China after luxury spending rebound | CNN BusinessBernard Arnault, chairman and CEO of LVMH, has reportedly arrived in China for his first visit to the country since the end of its strict Covid restrictions, after his company posted a jump in sales driven by a rapid rebound in China’s luxury spending.
Herkunft: cnni - 🏆 326. / 59 Weiterlesen »

Costco is cracking down on sharing membership cards | CNN BusinessSince Costco has expanded self-checkout, the company has noticed that non-members have been sneaking in to use membership cards that don’t belong to them.
Herkunft: CNN - 🏆 4. / 95 Weiterlesen »

Drive-thrus are creating problems for cities and towns | CNN BusinessAmerica is a land of drive-thrus. Here's why some cities want to ban them.
Herkunft: CNN - 🏆 4. / 95 Weiterlesen »

More than 9,000 US flights delayed or canceled after severe storms | CNN BusinessDisruptions for air travelers continued Tuesday with more than 9,000 flights across the United States delayed or canceled after powerful storms ripped through the parts of the country, including in the Mid-Atlantic and parts of the Northeast where many busy hubs are located.
Herkunft: CNN - 🏆 4. / 95 Weiterlesen »