Federal debt held by the public is set to hit 77 percent of gross domestic product by the end of this year, the highest level seen since shortly after World War II, according to the Congressional Budget Office’s 2017 long-term budget outlook.
Former President Obama left office having added $9.3 trillion to the national debt, according to numbers from the Treasury Department.
Outstanding federal debt is projected to hit $28.2 trillion over the next decade, according to a report from the Congressional Budget Office.
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.
Taylor Swift would have to perform at a concert every day for three years just to pay for one day of interest on our nation’s debt, according to an analysis from the Daily Signal.
The federal debt held by the public totals more than $13 trillion, or about $107,000 per household in the United States, according to a report released this month by the Cato Institute.
The deficit is estimated to more than double in 10 years, which is projected to push debt held by the public up to 77 percent as a percentage of Gross Domestic Product (GDP), according to Congressional Budget Office (CBO) estimates.