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U.S. debt to hit nearly twice GDP by 2050 -CBO

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David Lawder Reuters
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Credit: REUTERS/JOSE LUIS GONZALEZ

U.S. federal debt held by the public will balloon to about 195% of the country's economic output in 2050, from about 98% at the end of 2020 and 79% in 2019, the Congressional Budget Office projected on Monday.

By 2050, the annual deficit is projected at 12.6% of GDP as a result of higher interest costs and higher spending on health care programs and Social Security, CBO said.

(Reporting by David Lawder Editing by Marguerita Choy)

((David.Lawder@tr.com; +1 202 354 5854; Reuters Messaging: david.lawder.thomsonreuters.com@reuters.net))

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