WASHINGTON (Sputnik) — At 77 percent of GDP, the federal debt held by the US public is at its highest level since World War II, the report revealed.
"If current laws remained generally unchanged, the United States would face steadily increasing federal budget deficits and debt over the next 30 years- reaching the highest level of debt relative to GDP [gross domestic product] ever experienced in this country," the report said.
In addition, annual budget deficits will increase in the next 30 years from 2.9 percent of GDP in 2017 to 9.8 percent in 2047 because spending growth is projected to outpace growth in revenues, the report said.
CBO last released detailed long-term budget projections in July 2016 and issued a partial update in January 2017. The agency typically updates its ten-year budget projections in the spring in conjunction with its analysis of the US president's budget request.
