The Congressional Budget Office issued its latest budget and economic outlook: Government spending is projected to outpace federal tax revenues over the next decade, driving up the debt to record-high levels.
Federal debt held by the public will nearly double as a percentage of gross domestic product over the next 30 years, according to projections from the Congressional Budget Office.
Despite increasing federal revenues, debt held by the public is projected to increase 71 percent over the next decade, according to the Congressional Budget Office’s annual economic outlook.
A Republican congressman scheduled to host a briefing on Thursday with a far-left Democratic lawmaker and national security groups supporting defense cuts has pulled out of the event, according to a spokeswoman.
Top income earners have been hardest hit by the recession and taxes, according to the Congressional Budget Office.