The Return of Trillion-Dollar Deficits

The Return of Trillion-Dollar Deficits: For Immediate Release The Congressional Budget Office (CBO) released its Budget and Economic Outlook for the next decade this afternoon, which warned that the national debt is headed to uncharted waters. Under current law, CBO projects debt will rise from 80 percent of the economy today to 98 percent by 2030 and 180 percent by 2050. Should policymakers continue to extend tax cuts and grow discretionary spending with the economy, debt will grow far higher and by 2030 would likely exceed the record levels set just after World War II.