US Markets

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

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))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More