Without action to raise the debt ceiling, the nonpartisan Congressional Budget Office says the United States could default on its debt as soon as July. CBO Director Phillip Swagel also reported the U.S. deficit totals $1.4 trillion. “The federal debt held by the public is projected to rise from 98 percent of GDP in 2023 to 118 percent in 2033,” said Swagel. “Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenue. Those factors persist beyond 2033 pushing federal debt higher still to 195 percent of GDP in 2053.”
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