CBO Expects Significant Rise in Public Debt Burden, Deficit

The U.S. public debt burden and deficit are projected to rise significantly over the long term but less than previously forecast, the Congressional Budget Office said Wednesday.

While the nation’s fiscal picture has been improving this year because of a sharp decline in the deficit as federal Covid-19 spending wanes and tax revenues increase, the nonpartisan agency’s latest projections show the U.S. over the next 30 years will continue to face an increasing budget shortfall and higher debt levels.