US debt projected to reach $64 trillion in a decade, nonpartisan group says
ABC News
The United States' national debt is set to balloon to $64 trillion over the next 10 years, the nonpartisan Congressional Budget Office said on Wednesday.
The United States' national debt is set to balloon to $64 trillion over the next 10 years, the nonpartisan Congressional Budget Office (CBO) said on Wednesday, citing a jump in annual deficits that owes in part to tax cuts enacted by President Donald Trump.
The federal deficit -- the annual gap between government spending and revenue -- is expected to rise from $1.9 trillion in fiscal year 2026 to $3.1 trillion in 2036, the CBO found in its 164-page report. Forecasted revenue losses caused by Trump’s signature tax cut will more than offset $3 trillion in funds to be generated by newly imposed tariffs, the CBO said.
The CBO also projected an increase in debt held by U.S. bondholders. Debt held by the public is expected to rise from 101% of GDP in 2026 to 120% in 2036, putting it well above the previous record of 106% in 1946, the CBO said.
The U.S. has run up more than $37 trillion in debt, federal data shows. In 2023, the CBO said the federal debt would grow by another $20 trillion by the end of 2033. That assessment arrived before Trump's spending measure, which is set to add trillions more to the debt, according to the CBO.
The CBO is a budget scorekeeper that provides analysis for members of Congress. The Office of Management and Budget, on the other hand, is a White House agency that oversees the federal budget.
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