"Debt held by the public increases from 99 percent of GDP at the end of 2024 to 116 percent of GDP - the highest level ever recorded - by the end of 2034. After 2034, debt would continue to grow if current laws generally remained unchanged," the report said.
Commenting on the report, Committee for a Responsible Federal Budget President Maya MacGuineas said in a statement that both the Social Security retirement and highway trust funds will become insolvent and will require painful across-the-board cuts within the next decade.
MacGuineas pointed out that interest on the national debt has already topped US federal spending on children or Medicaid and is estimated to exceed spending on national defense in 2025 reaching $1 trillion by 2026.
In addition, MacGuineas called the US fiscal situation "precarious" and called on Congress to "wake up."
As of February 5, the US total public debt stood at an all-time high of $34.154 trillion, according to the data published by the Department of the Treasury.
Moreover, the US deficit is expected to grow from $1.6 trillion in 2024 to $2.6 trillion in 2034, according to the report.
“The deficit totals $1.6 trillion in fiscal year 2024, grows to $1.8 trillion in 2025, and then returns to $1.6 trillion by 2027. Thereafter, deficits steadily mount, reaching $2.6 trillion in 2034," the report read.
In his statement on the CBO economic projections, House Speaker Mike Johnson called the figures of the national debt and deficit “unprecedented and dangerous” and noted that contrary to President Joe Biden’s claims the debt problem lies with spending, not revenue.