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June 17, 2015 10:40 am

Budget Office Says US Debt Will Exceed 100% of Economy in 25 Years

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US House of Congress. Photo: Wiki Commons.

US House of Congress. Photo: Wiki Commons.

Bloomberg – U.S. government debt held by the public is expected to rise to 107 percent of the economy in 2040 from 74 percent this year, the Congressional Budget Office said, citing an aging population and rising health-care costs.

With debt “already unusually high” relative to gross domestic product, “further sustained increases could be especially harmful to economic growth,” the CBO said in a long-term fiscal report released Tuesday in Washington. “To put the federal budget on a sustainable path for the long term, lawmakers would have to make major changes to tax policies, spending policies, or both.”

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