US debt to reach 107pc of GDP by 2029: CBO estimates

Washington | The US government is on track to surpass record debt levels set after World War II in just four years, the Congressional Budget Office warned on Friday (Saturday AEDT) — even as it lowered somewhat its deficit projections for the next decade.

The new CBO estimates don’t include revenue losses from President-elect Donald Trump’s plans to extend expiring provisions of his 2017 tax cuts and further steps to reduce levies. The nonpartisan agency’s policy is to follow current law in making its forecasts, so it projects a boost in tax revenues from the expiration of tax reductions that’s looming at the end of this year. Most private analysts see an extension as likely.

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Bloomberg