Business > U.S.

The national debt will nearly double by 2051 if taxing and spending stay the same, CBO says

1 month ago   |   By Business Insider

Summary List Placement The federal government's debt pile is on track to nearly double over the next three decades, according to the nonpartisan Congressional Budget Office .
Government debt swelled over the past year as lawmakers passed stimulus bills aimed at helping Americans through the COVID-19 recession. The increased spending led federal debt to reach 100% of gross domestic product at the end of 2020.
Should current laws for taxing and spending stay the same, that share is estimated to reach 102% of GDP by the end of this year, the CBO said in its long-term outlook report. Federal...
Read more ...

 

CBO expects federal debt to double over next 30 years

CBO expects federal debt to double over next 30 years

1 month ago   |   By My Sanantonio

The Congressional Budget Office estimated Thursday that persistent budget deficits will cause the federal debt to double in size over the next 30 years.
Following the 2008 financial crisis and the pandemic, the government has depended heavily on borrowing and low interest rates to help an ailing economy. But as the economy is expected to heal, the CBO has forecasted that interest rates will rise and spending on programs such as Social Security and Medicare will increase.
The estimates do not include President Joe Biden's proposed $1.9 trillion coronavirus relief package, which would...
Read more ...

 


Search by Tags

   U.S.      Economy  


Mercedes-Benz unveils its first EV for the US, the luxurious EQS sedan with...

Mercedes-Benz unveils its first EV for the US, the luxurious EQS sedan with a 478-mile range and screens galore

Summary List Placement Mercedes is jumping into the US electric-vehicle market at long last. On Thursday, the German automaker took the wraps off of its first US-market EV, the... Read more ...

Speaker Pelosi throws cold water on a progressive bill that would expand the...

Speaker Pelosi throws cold water on a progressive bill that would expand the Supreme Court to 13 seats

Summary List Placement House Speaker Nancy Pelosi on Thursday said she does not support a newly-introduced bill to expand the Supreme Court and has "no plans to bring it to the... Read more ...

Signs Of Economic Boom Emerge As Retail Sales Surge, Jobless Claims Hit...

Signs Of Economic Boom Emerge As Retail Sales Surge, Jobless Claims Hit Pandemic Low

Retail sales jumped nearly 10% in March, as shoppers, flush with $1,400 relief payments, are feeling more confident about venturing out. Weekly unemployment claims dropped to a... Read more ...

Jeff Bezos downplays claims that Amazon workers are 'desperate souls' or...

Jeff Bezos downplays claims that Amazon workers are 'desperate souls' or 'robots' who can't take bathroom breaks, but admits the company needs to 'do a better job' for employees after their failed union push

Summary List Placement Jeff Bezos is on the defensive about how Amazon treats its employees following the failed union vote at Amazon's Bessemer, Alabama, warehouse. In Bezos'... Read more ...

US stocks climb as jobless claims hit pandemic-era low and retail sales surge

US stocks climb as jobless claims hit pandemic-era low and retail sales surge

Summary List Placement US stocks climbed on Thursday after weekly jobless claims feel to a pandemic-era low of 576,000. Also helping boost stocks was a strong retail sales... Read more ...

Spending at US retailers rockets 9.8% higher as stimulus supercharges reopening

Spending at US retailers rockets 9.8% higher as stimulus supercharges reopening

Summary List Placement Warmer weather, reopening, and stimulus support converged in March to drive the strongest month of retail spending the US has ever seen. Retail sales... Read more ...

Coinbase jumps 11% after Cathie Wood's ARK funds show $246 million...

Coinbase jumps 11% after Cathie Wood's ARK funds show $246 million investment in the crypto exchange

Summary List Placement Shares of Coinbase jumped 11% on Thursday following its debut on the Nasdaq Wednesday, after various funds managed by Cathie Wood's ARK Invest snapped up... Read more ...

Bitcoin edges up in volatile trade after tumbling from record highs scored...

Bitcoin edges up in volatile trade after tumbling from record highs scored after Coinbase listing

Summary List Placement Bitcoin edged up in volatile trade on Thursday after having fallen by as much as 3.9% from record highs reached the previous day following the public... Read more ...

A Taliban leader told the BBC 'we have won' after Biden announced the US...

A Taliban leader told the BBC 'we have won' after Biden announced the US troop withdrawal from Afghanistan

Summary List Placement A Taliban leader said that the US withdrawing troops from Afghanistan means the extremist group has won. Haji Hekmat, the Taliban's shadow mayor in... Read more ...

US set to sanction a dozen Russian individuals, 24 entities for influencing...

US set to sanction a dozen Russian individuals, 24 entities for influencing the 2020 election, SolarWinds hack

Summary List Placement The US government is set to impose sanctions on around a dozen Russian government and intelligence officials, as well as 20 entities linked to Russian... Read more ...