The U.S. national debt has reached a new high of $34.753 trillion, with an increase of over $7 billion on the last day alone, and it continues to rise.
The Congressional Budget Office (CBO) recently revised its forecast and expects the U.S. public debt to reach $50 trillion by 2034. This means a growth of over 40% in the next decade, which could pose challenges to the U.S. economy.
Previously, the CBO projected that the U.S. debt could reach $48.3 trillion by 2034.
In addition, experts at the Budget Office predict that inflation may slow down in the second half of 2024, which could provide some relief to investors and the public facing inflationary pressures. This outcome might prompt the Federal Reserve to consider lowering interest rates in early 2025 to stimulate the economy.
Read more:
The U.S. economy doesn’t need a rate cut – at least not now
From a perspective
Forecast
Indicates that by 2028 the national
Debt
As a percentage of GDP, the U.S. debt could reach 109% – a figure higher than any other in the country’s history. By the end of 2034, it could reach 122% of GDP, well above the level in 2023 and more than twice the average of the past half-century.
