Budget Office report credits immigration and spending deals with improved outlook despite huge debt


March 20, 2024

WASHINGTON (AP) — The nonpartisan Congressional Budget Office said Wednesday that it expects the federal government to be awash in debt over the next 30 years, but the outlook has improved over the past year due to increased immigration and agreements to reduce spending.

The CBO's latest long-term budget and economic outlook report — for a timeframe that spans 2024 to 2054 — projects publicly held debt to reach 166% of gross domestic product, or GDP, in 2054. That's down from the agency's June 2023 long-term budget projection, which said publicly held debt would be equal to a record 181% of Am...

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