The government is now staring at $100 trillion in total debt, the Congressional Budget Office said Tuesday, chronicling the disastrous trajectory of federal fiscal health.
The eye-popping figure, part of the CBO’s latest long-term budget projections that look out over the 30-year window, foresee plenty of grim news.
CBO analysts said debt held by the public, which is 78 percent of gross domestic product today, will reach 152 percent in 2048. And given that GDP will be $65 trillion that year, it means a debt total of $98.8 trillion.
While Democrats point to low taxes as the culprit for the rising debt, conservatives insist the issue is not with revenue but with spending, calling on the government to cut down on its handouts and programs in order to stay fiscally afloat.
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