According to a report from the Congressional Budget Office, it will reach 202% of GDP.
The national debt of the United States will exceed the national GDP by the end of this year, and by 2051 it will almost double and reach 202% of GDP. This forecast is contained in a new report published on Thursday by the Congressional Budget Office.
According to its experts, the US national debt, according to available calculations, should “by the end of 2021″…> reach the level of 102% of GDP”. “Debt will reach 107% of GDP (exceeding the historical maximum) in 2031 and will almost double to 202% of GDP by 2051,” the document says.
“The growing debt burden may increase the risk of a fiscal crisis and rising inflation, as well as undermine confidence in the US dollar, which will make it more expensive to finance public and private activities in international markets,” the experts also note.
The office’s current report also clarifies that the US federal budget deficit is likely to reach 10.3% of GDP in 2021. This would be one of the largest deficits since 1945, not counting only the record deficit of 2020, which was 14.9%.