Spending shocker: CBO's latest debt projection should stun even Washington
Fox News
The current debt the U.S. owes is $31.4 trillion. But the CBO estimates the federal government will accumulate an eye-popping $19 trillion in debt over the next decade.
The most shocking thing is what shouldn’t be shocking. It hasn’t been shocking for decades now. And each time we’re still shocked. But a few years later, we’re even more shocked and the old shock seems passé. Chad Pergram currently serves as a senior congressional correspondent for FOX News Channel (FNC). He joined the network in September 2007 and is based out of Washington, D.C.
So, the most shocking thing? The sheer level of debt that the Congressional Budget Office (CBO) projects that the U.S. will carry in the next few years.
The current debt the U.S. owes is $31.4 trillion. But the CBO estimates the federal government will accumulate an eye-popping $19 trillion in debt over the next decade. New laws passed by Congress since last year will account for $1.5 trillion of that debt. The CBO augers that the Inflation Reduction Act (IRA) and the infrastructure bill will tack on an additional $3 trillion in debt which wasn’t anticipated around this time last year.
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