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US Federal Debt Will Soar Despite GOP-Led Cost-Cutting Efforts: CBO

US Federal Debt Will Soar Despite GOP-Led Cost-Cutting Efforts: CBO
The U.S. Capitol in Washington on May 31, 2023. Stefani Reynolds/AFP via Getty Images
Tom Ozimek
Tom Ozimek
Reporter
6/28/2023|Updated: 6/28/2023
0:00

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.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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