CBO Director Phillip Swagel testifies during the House Budget Committee hearing titled "The Congressional Budget Office's Budget and Economic Outlook," in Longworth Building on Wednesday, February 14, 2024.
The director of the nonpartisan Congressional Budget Office warned House lawmakers Wednesday that the ballooning national debt and the cost of paying interest on it could become an existential threat to the U.S. economy.
"Rising interest costs will crowd out other possible uses of government resources, and then also pose a risk to our economic stability" in the coming decade, CBO director Phillip Swagel told the budget committee at a hearing on Capitol Hill.
Swagel's testimony centered around CBO's semi-annual report on the federal budget and the economy, released Feb. 7.
The CBO report projected that the yearly U.S. budget deficit would grow by an estimated $1 trillion over the next 10 years.
Persons:
Phillip Swagel, Swagel, Kevin McCarthy, Dan Kildee, Donald Trump's, Joe Biden's
Organizations:
Economic, Capitol, CBO, Republicans, GOP, Democrat, Congress
Locations:
Longworth, U.S, CBO's, Michigan