CBO Projects National Debt Will Double Over Next 30 Years

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The U.S. Capi­tol Build­ing in Wash­ing­ton, D.C.Adam Jef­fery | CNBC­The Con­gres­sion­al Bud­get Office esti­mat­ed Thurs­day that per­sis­tent bud­get deficits will cause the fed­er­al debt to dou­ble in size over the next 30 years.Following the 2008 finan­cial cri­sis and the pan­dem­ic, the gov­ern­ment has depend­ed heav­i­ly on bor­row­ing and low inter­est rates to help an ail­ing econ­o­my. But as the econ­o­my is expect­ed to heal, the CBO has fore­cast­ed that inter­est rates will rise and spend­ing on pro­grams such as Social Secu­ri­ty and Medicare will increase.The esti­mates do not include Pres­i­dent Joe Biden’s pro­posed $1.9 tril­lion coro­n­avirus relief pack­age, which …

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