of spending on health care programs and Social Security as well as interest costs, the Congressional Budget Office projected Wednesday
The nonpartisan agency's budget outlook is the latest with a gloomy long-term view for the nation's debt and could crowd out private investment, slow growth and risk a crisis.
The federal deficit is on track to be 5.8% of gross domestic product (GDP) in the 2023 fiscal year, before declining to 5% in 2027 — but the shrinkage will be short-lived.
It will grow every year after reaching 10% of GDP by 2053, per the CBO.
From 2023 to 2053, deficits will average 7.3% of GDP — more than double their average over the past half-century.
Federal debt held by the public will hit 98% of GDP this year, and is on track to surpass an all-time high in 2029 when it reaches 107% of GDP.