U.S. deficit will soar in the next decade, CBO says

The Congressional Budget Office stated on Wednesday that the U.S. deficit is anticipated to increase over the next decade, with a notable portion of government spending allocated to higher interest payments, marking a historic trend.

According to the latest projections from the nonpartisan agency, the deficits are projected to rise from $1.6 trillion in the current year to $2.6 trillion in 2034.

This represents a somewhat less pessimistic forecast for the nation’s fiscal well-being compared to previous estimates, Axios reported.

READ MORE: https://www.axios.com/2024/02/07/us-deficit-interest-rates-cbo-projections

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