The latest national debt numbers have been released, and they are sure to leave your jaw on the floor

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The Biden Administration’s spending is out of control.

With astronomically high taxes, interest rates, and, of course, bidenflation, it’s no surprise the economy is on its last leg.

Now the latest national debt numbers have been released, and they are sure to leave your jaw on the floor

National debt will grow by trillions

The Congressional Budget Office’s 10-year budget outlook report was just released, and it’s not looking good for America.

According to the report, the annual national budget deficit will go from $1.6 trillion in fiscal year 2024 to a staggering $2.6 trillion in 2034.

Not only that, but the national debt will rise to 116% of the size of the entire U.S. economy.

The report stated, “The deficit totals $1.6 trillion in fiscal year 2024, grows to $1.8 trillion in 2025, and then returns to $1.6 trillion by 2027. Thereafter, deficits steadily mount, reaching $2.6 trillion in 2034.”

“Measured in relation to gross domestic product (GDP), the deficit amounts to 5.6 percent in 2024, grows to 6.1 percent in 2025, and then shrinks to 5.2 percent in 2027 and 2028. After 2028, deficits climb as a percentage of GDP, returning to 6.1 percent in 2034. Since the Great Depression, deficits have exceeded that level only during and shortly after World War II, the 2007-2009 financial crisis, and the coronavirus pandemic,” the report added.

Before the COVID pandemic, the budget deficit increased by $205.4 billion, or 26.4 percent to $984.4 billion in the fiscal year 2019.

The CBO report said that the national debt “held by the public” is predicted to climb from 99% of GDP at the end of 2024 to a shocking 116% of GDP by the end of 2034.

That would be “the highest level ever recorded” in U.S. history.

Even more concerning is that, according to the report, “After 2034, debt would continue to grow if current laws generally remain unchanged.”

Debt held by the public will potentially increase from $27.1 trillion today to nearly $48.3 trillion by the end of 2034.

Money is running out fast

The CBO projected that “the trust funds for highways and Social Security Old-Age and Survivors Insurance will be exhausted by the end of the decade,” as the Committee for a Responsible Federal Budget pointed out.

Maya MacGuineas, President of the CRFB, said Congress must establish a fiscal commission to start working on reforms that get federal spending under control.

“Interest on the national debt, already higher than federal spending on children or Medicaid, will exceed spending on defense this year, on its way to $1 trillion by 2026. This is no way to run a country. Policymakers need to take this somber moment to reflect on the grave situation we face and commit themselves to do better. Last year’s Fiscal Responsibility Act was a good start, but there is so much more to be done,” she said.

MacGuineas also emphasized, “We need a real plan to put the national debt on a downward sustainable path before it’s too late.”

Informed American will keep you up-to-date on any developments to this ongoing story.