America’s public debt is projected to rise to record levels over the next three decades, according to a new Congressional Budget Office (CBO) analysis, which noted that the government’s finances have improved a bit thanks to the GOP-led debt ceiling deal but overall remain “challenging.”
The new forecast, released on Wednesday by the non-partisan spending scorekeeper, extends over a 30-year period the CBO’s earlier 10-year estimate of the effects of the debt ceiling legislation that President Joe Biden signed into law on June 3.
After crunching the numbers inside the debt limit agreement, called the Fiscal Responsibility Act (FRA), the CBO found that the act would reduce the cumulative deficit over the 10-year period until 2033 by about $1.5 trillion to $18.8 trillion.
That’s down from the previous projection of $20.3 trillion, with most of the decline stemming from the expectation that the FRA’s statutory caps will put a ceiling on discretionary […]
Excerpt Sourced From: ourgoldguy.com
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