CBO Shock Report: National Debt Could Consume 70% of Our GDP by the End of This Year

[Valin]

PJ Tatler:

 

Byron Preston

6/5/12

 

(Snip)

The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

 

“Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945,” says a new CBO report. “Consequently, the amount of federal debt held by the public has surged.

 

“By the end of this year,” the report added, “CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II.”

(Snip)

 

FYI Google: The 2012 Long-Term Budget Outlook