The federal debt will reach unprecedented levels in the next three decades if Congress doesn't change the laws. That's according to a report out from the nonpartisan Congressional Budget Office.
As it stands now, the national debt is the highest since right after World War Two and is forecast to be 78% of gross domestic product by the end of the year. In 2007, it was 35% of GDP. If things continue unchanged, the CBO predicts debt to reach 144% of GDP by 2049.
“CBO’s long-term budget outlooks have painted a dark picture of the nation’s fiscal path every year for the past decade," says budget expert G. William Hoagland, senior vice president at the Bipartisan Policy Center. "Nevertheless, policymakers continue to ignore the problem and the hard choices necessary to cope with this situation, even in the face of potential bipartisan solution.”
Source:The Hill