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

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America’s mountain of debt is poised to climb to new heights later this decade even after Republicans and Democrats reached a deal to chip away at the federal deficit.

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.

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