US will owe $30 trillion in national debt within a decade

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Vrolijk
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Joined: Sat Aug 22, 2015 9:32 am

US will owe $30 trillion in national debt within a decade

Post by Vrolijk » Wed Feb 10, 2016 12:32 am

According to a new federal report, US will owe $30 trillion in national debt within a decade if the country’s budget deficit continues to grow at the same rate and current tax laws remain in place.
Congressional Budget Office wrote: - The federal deficit will increase in 2016 for the first time since the end of the financial crisis in 2009.
- The accompanying public debt could reach crisis-levels in the decades to come.
- Government budget deficits will continue to rise over the next 10 years, topping $1 trillion again in 2022 and reaching $1.4 trillion in 2026.
- The accumulation of those deficits will deepen the gross public debt from $18.1 trillion at the end of 2015 to $29.3 trillion in 2026.
:shock:
Congressional Budget Office wrote: - If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years.
- The 2016 deficit that CBO currently projects is $130 billion higher than the one that the agency projected in August 2015. That increase is largely attributable to legislation enacted since August -- in particular, the retroactive extension of a number of provisions that reduce corporate and individual income taxes.

Vakantieboeker
Posts: 10
Joined: Mon May 11, 2015 12:10 pm

Re: US will owe $30 trillion in national debt within a decade

Post by Vakantieboeker » Wed Feb 10, 2016 12:36 am

This is really ridiculous.

The debt stood at $10.6 trillion when President Barack Obama took office in 2009.

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