CBO: Debt to Reach 106% by 2039

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The Congressional Budget Office released The 2014 Long-Term Budget Outlook report. The office is generally considered nonpartisan.

If current laws remained generally unchanged in the future, federal debt held by the public would decline slightly relative to GDP over the next few years, CBO projects. After that, however, growing budget deficits would push debt back to and above its current high level. Twenty-five years from now, in 2039, federal debt held by the public would exceed 100 percent of GDP, CBO projects. Moreover, debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely.

The CBO report also states deficits during the 2015–2024 period would total about $7.6 trillion.

The CBO suggested Congress boost revenue, cut spending on benefit programs or combine the approaches.