CBO Report: U.S. National Debt to Exceed $56 Trillion by 2034

24.06.20 News

A Congressional Budget Office report projects that the U.S. national debt will exceed $56 trillion by 2034, up from just under $35 trillion currently. The growing debt is fueled by higher spending than tax revenues, with a $1.9 trillion deficit expected in 2024. Key contributors to the rising deficit include student loan debt cancellation, aid to Ukraine and Israel, and increased Medicaid costs.

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