The U.S. Congressional Budget Office has kept its forecast for the country’s national debt to rise to a record 166% of GDP by the end of 2054.
The U.S. national debt will increase from 99% of GDP in 2024 to 166% of GDP in 2054. The figure will exceed any previously record numbers and will continue to grow, according to the document.
The report notes that if private investment declines or government revenues and expenditures remain at 30-year averages, the U.S. national debt might exceed 250% of GDP in 2054.
In early January, the U.S. national debt exceeded $34 trillion. In 2023, it grew by more than $4 trillion. A bill was approved to increase the national debt ceiling. The limit will be reached on January 2, 2025.
