OrbitalDawn
Ulysses Everett McGill
- Joined
- Aug 26, 2011
- Messages
- 47,031
U.S. To Owe More Than The Size Of Its Economy For The 1st Time In 75 Years
Congressional forecasters expect the federal deficit to reach $3.3 trillion during the current fiscal year. By 2023, government debt will reach an all-time high of 107% of GDP.
The pandemic is taking a big toll on the government's bottom line.
The federal government's accumulated debt burden is projected to be larger than the overall economy next year for the first time since 1946. Debt is expected to reach an all-time high of 107% of gross domestic product in 2023.
The nonpartisan Congressional Budget Office expects the deficit to reach $3.3 trillion in the fiscal year ending this month. That's about 16% of GDP — a level not seen since the end of World War II in 1945.