By the end of fiscal year 2021, federal debt held by the public is projected to equal 102 percent of gross domestic product (GDP). If current laws governing taxes and spending generally remained unchanged, debt would equal 107 percent of GDP in 2031, its highest level in the nation’s history, CBO projects. Growth in outlays would outpace growth in revenues in subsequent decades, leading to growing budget deficits over the long term. As a result, federal debt would continue to increase, exceeding 200 percent of GDP by 2051.
MAJOR RECURRING REPORTSView All
- Estimated Budgetary Effects of the Amendment in the Nature of a Substitute to the American Rescue Plan Act of 2021 (KIN21174)
- CBO’s Estimate of the Statutory Pay-As-You-Go Effects of Rules Committee Print 117-2 for H.R. 803, The Protecting America’s Wilderness and Public Lands Act, with the Manager’s Amendment