US Debt Nears WW2-Era Levels, Projected to Reach 118% of GDP by 2035

Federal budget deficit is forecast to soar from $1.9 trillion in 2025 to $2.7 trillion by 2035, the CBO said, adding that «In 2035, the adjusted deficit equals 6.1 percent of GDP — significantly more than the 3.8 percent that deficits have averaged over the past 50 years.»

«In CBO’s projections, economic growth cools from an estimated 2.3 percent in calendar year 2024 to 1.9 percent in 2025 and 1.8 percent in 2026 amid higher unemployment and lower inflation,» the report read.