If President Donald Trump’s spending and tax policies continue, a new CBO report found, the U.S. national debt will rise from 78 percent to 105 percent of the economy over the next decade.
If President Donald Trump’s spending and tax policies continue apace, a report by the Congressional Budget Office out Thursday found, the U.S. national debt will rise from 78 percent of the economy to 105 percent of the economy over the next decade.
The National Debt Clock in midtown New York City, February 15. The clock is constantly updated to display the current United States gross national debt and each American family's share of the debt. TIMOTHY A. CLARY/AFP/Getty Images As debt increases, so do interest payments, which then crowd out other parts of the budget to the point where interest payments on the national debt will soon exceed our national defense budget.
“How many more dire warnings will it take before our leaders address the nation’s dismal fiscal picture?" said MacGuineas in a statement. "Rather than addressing the rapid growth of health and retirement costs, the last Congress cut taxes and increased spending by a combined $2.4 trillion.”
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