In 2021, America’s federal debt will reach about 102 percent of its Gross Domestic Product, a slight increase from the year before. Even without additional spending or tax cuts, that number is expected to grow to 107 percent of GDP by 2031 — which would be an all-time high in American history, the CBO said.
The CBO’s debt projections are sure to invigorate the ongoing debate over Biden’s stimulus proposal, as Republicans try to argue that the U.S. faces unsustainable debt burdens after spending more than $4 trillion in response to the virus.
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