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CBO: Federal debt to double in 15 years
Posted By -NO AUTHOR- On 06/05/2012 @ 12:26 pm In Front Page,Money,U.S. | No Comments
(WASHINGTON TIMES) The federal government is staring at a disastrous fiscal picture with debt approaching 200 percent of GDP within two decades if Congress doesn’t change course on spending and taxes, according to the latest analysis by the Congressional Budget Office released Tuesday.
CBO said it’s the worst picture since a brief period during World War II when spending ballooned to fund the military campaign.
“In the past few years, the federal government has been recording the largest budget deficits since 1945, both in dollar terms and as a share of the economy. Consequently, the amount of federal debt held by the public has surged,” CBO said in a long-term budget outlook that paints a shockingly dark picture of government finances.
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