Quote:The nonpartisan Congressional Budget Office (CBO) on Wednesday released its annual budget and economic outlook forecasting federal finances over the next 10 years, which projects that the national debt will be about $20 trillion higher a decade from now.

The CBO's baseline budget forecast for the 2023-2033 period finds that the amount of debt held by the public will be $25.716 trillion in 2023 and rise to $46.445 trillion in 2033, an increase of $20.729 trillion over the course of the next 10 years.

As a percentage of forecasted U.S. gross domestic product (GDP), debt held by the public would rise from 98% of GDP in 2023 to 118.2% of GDP in 2033. CBO Director Phillip Swagel noted that trajectory will continue in the ensuing decades based on current budgetary policies, pushing federal to 195% of GDP in 2053.

The CBO's projects that the amount of debt held by the public will be $25.7 trillion in 2023 and rise to $46.4 trillion in 2033, an increase of $20.7 trillion over the course of the next 10 years. (Fox News)

Debt held by the public consists of all the debt the federal government owes to entities outside the federal government – including individuals, businesses, state and local governments, foreign governments, and the Federal Reserve – and excludes intergovernmental debt.

The gross federal debt, which is used to benchmark the debt limit and surpassed $31 trillion earlier this year, is expected to rise by $19.6 trillion to a total of $52 trillion at the end of 2033, about 11% of which would be held by government accounts according to the CBO.

The CBO projects that the annual total budget deficit will double from $1.41 trillion in 2023 to $2.851 trillion in 2033. (istock / iStock)

Gross federal debt includes virtually all the debt owed by the federal government, including debt owed to itself, and is the sum of the debt held by the public and intergovernmental debt.

The sizable increase in the national debt because annual budget deficits are expected to rise, in part because of the rising cost of paying interest on the national debt as it continues to grow.

The CBO projects that the annual total budget deficit will double from $1.41 trillion in 2023 to $2.851 trillion in 2033. Meanwhile, annual net interest expenses will rise from $640 billion in 2023 to $1.429 trillion in 2033.

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(02-17-2023 01:48 PM)CrimsonPhantom Wrote:  

Quote:The nonpartisan Congressional Budget Office (CBO) on Wednesday released its annual budget and economic outlook forecasting federal finances over the next 10 years, which projects that the national debt will be about $20 trillion higher a decade from now.

The CBO's baseline budget forecast for the 2023-2033 period finds that the amount of debt held by the public will be $25.716 trillion in 2023 and rise to $46.445 trillion in 2033, an increase of $20.729 trillion over the course of the next 10 years.

As a percentage of forecasted U.S. gross domestic product (GDP), debt held by the public would rise from 98% of GDP in 2023 to 118.2% of GDP in 2033. CBO Director Phillip Swagel noted that trajectory will continue in the ensuing decades based on current budgetary policies, pushing federal to 195% of GDP in 2053.

The CBO's projects that the amount of debt held by the public will be $25.7 trillion in 2023 and rise to $46.4 trillion in 2033, an increase of $20.7 trillion over the course of the next 10 years. (Fox News)

Debt held by the public consists of all the debt the federal government owes to entities outside the federal government – including individuals, businesses, state and local governments, foreign governments, and the Federal Reserve – and excludes intergovernmental debt.

The gross federal debt, which is used to benchmark the debt limit and surpassed $31 trillion earlier this year, is expected to rise by $19.6 trillion to a total of $52 trillion at the end of 2033, about 11% of which would be held by government accounts according to the CBO.

The CBO projects that the annual total budget deficit will double from $1.41 trillion in 2023 to $2.851 trillion in 2033. (istock / iStock)

Gross federal debt includes virtually all the debt owed by the federal government, including debt owed to itself, and is the sum of the debt held by the public and intergovernmental debt.

The sizable increase in the national debt because annual budget deficits are expected to rise, in part because of the rising cost of paying interest on the national debt as it continues to grow.

The CBO projects that the annual total budget deficit will double from $1.41 trillion in 2023 to $2.851 trillion in 2033. Meanwhile, annual net interest expenses will rise from $640 billion in 2023 to $1.429 trillion in 2033.

Link

There's only about $6trillion US dollars in circulation.

That Debt/GDP ratio is unsustainable.

Welcome to Rome 2.0; please stand by for the fall.

WELL JUST HAVE BIDEN PITCH A $20 TRILLION SPENDING BILL TO PAY FOR IT !!!

(02-17-2023 02:01 PM)Bear Catlett Wrote:  WELL JUST HAVE BIDEN PITCH A $20 TRILLION SPENDING BILL TO PAY FOR IT !!!

SHUT UP THEY MIGHT BE LISTENING !!!

The 1960s under JFK/LBJ marked the beginning of peace-time budgets that had no connection to economic reality. The Democrats paid no political price for this heresy, and have never looked back. The GOP’s coalition in those days included the bankers and the businessmen, and so was naturally more concerned with that sort of thing, but over a few decades, they gradually caved to political pressure. By the time of Bush/Cheney, there simply was no fiscal difference between the two parties anymore.

As a nation, we are so far removed from the concept of “small government” that it’s not even a part of the political discussion. We see an occasional article or headline that the “National Debt” is $20 trillion or $30 trillion and will soon be $40 trillion or $50 trillion, but nobody, evidently, understands what that means, or is capable of explaining it. It doesn’t seem real. And any proposed budget cuts — at all — are immediately denounced as “draconian”. So that’s off the table.

I don’t believe any of us can truly say that they know *exactly* when the music will stop, but I’m convinced it will be in the next ~20-30 years or so, if not sooner. A part of me hopes I’m not around to witness it.

Seriously - 10 years? JB can do that all by himself in the next 23 month.

Like all of the CBO estimates this one is wrong as well....



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If the Dems stay in charge it won't take nearly that long.