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☆ Federal budget deficit expected to soar to $2.6 trillion in 2034, CBO says
▼ + stars: | 2024-02-07 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

CNN —The federal budget deficit will balloon from $1.6 trillion this fiscal year to $2.6 trillion in fiscal year 2034, according to the latest Congressional Budget Office outlook released Wednesday. A major reason for the widening gap between revenue and spending: a spike in net interest payments on the federal debt due to higher interest rates. The nation’s debt held by the public is expected to rise to a record 116% of the economy by 2034. CBO’s deficit projection will likely add pressure to congressional lawmakers who have yet to agree on funding for federal agencies for fiscal year 2024. Budget experts called on Congress to take action to address the nation’s worsening fiscal situation.

Persons: MacGuineas, they’ve, Mike Johnson, ” Michael Peterson, Peter G Organizations: CNN, Congressional, Social Security, Medicare, CBO, GOP, Capitol, Federal, House Republicans, Peterson Foundation

"A fiscal commission is direly needed," Republican Senator Mike Braun, a Budget Committee member, said in an interview. It circulated ideas from a dozen experts on how a commission could offer up solutions for taming deficits and debt. Other recommendations included subjecting high-income earners to more Social Security taxes and gradually raising the age for full retirement benefits to 69 from the current 67. A commission, said independent Senator Bernie Sanders, who caucuses with Democrats, would simply be "a backdoor way to get into cutting Social Security." Sanders embraced lifting the cap on taxable income to extend the life of the Social Security trust fund.

Persons: Kevin Wurm, Mike Braun, Braun, Moody's, Fitch, Michael Peterson, Peter G, Mark Zandi, Dana Peterson, Lori Esposito Murray, Joe Manchin, Mitt Romney, Bernie Sanders, Sanders, Richard Cowan, Moira Warburton, Grant McCool Organizations: U.S, Capitol, REUTERS, Rights, Congress, Treasury Department, Republican, AAA, Peterson Foundation, Conference Board, Democratic, Representatives, Social Security, Social, Thomson Locations: Washington , U.S

☆ US debt rises to $33 trillion as government shutdown looms
▼ + stars: | 2023-09-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —As the US national debt passes $33 trillion and a government shutdown looms, Wall Street feels defensive. What’s happening: The gross national debt has grown at an alarming pace since then — by $1 trillion in the last three months alone. Political finger pointing around what caused the accelerated debt accrual, meanwhile, has left the government at an impasse around the budget. The recent increase in interest rates has already made it much more expensive for the government to pay back what it owes. That would leave the door open for another rate increase, which could come when the following meeting concludes, on November 1.

Persons: Fitch, ”, Michael Peterson, Peter G, Peterson, Biden, Gary Schlossberg, Jennifer Timmerman, Gregory Daco, Bryan Mena, Jerome Powell, Instacart, Jordan Valinsky Organizations: CNN Business, Bell, New York CNN, AAA, AA, GOP, UAW, Wells, Investment Institute, Fed, Federal, Financial, Walmart Locations: New York, —, Amazon

☆ U.S. debt is nearly $33 trillion. But some economists say not all debt is bad.
▼ + stars: | 2023-09-10 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

The U.S. national debt is sitting at nearly $33 trillion dollars. "The public debt has always been used for emergencies. The national debt increased by more than 89% since the beginning of the pandemic, with many top economists in agreement that 2020 was not the time to worry about the debt. Servicing the debt can become difficult when interest rates are higher. The Federal Reserve has been increasing interest rates since March 2022 with the goal of slowing down economic activity.

Persons: Kris Mitchener, William Gale, Michael Peterson, Peter G, Lori Esposito, Murray, Stephanie Kelton Organizations: U.S, Leavey School of Business, Santa Clara University, Brookings Institution, Peterson Foundation, Economic Develop, Conference Board, Economic Development, The Conference Board, Federal Reserve, Stony Brook University Locations: U.S

US debt held by the public will climb to a record high of 107% of the gross domestic product in 2029, the nonpartisan Congressional Budget Office projected on Wednesday. The projection comes despite the bipartisan debt ceiling deal hailed by its backers as a major deficit reducer. In 2029, debt held by the public will total about $36 trillion, or $104,300 per person, according to the Committee for a Responsible Federal Budget, a non-profit public policy organization. Debt held by the public is expected to hit 181% of GDP in 2053, far exceeding any previous record. To put it another way: US debt in 2053 could equal about $384,700 per person, compared to $75,700 today, according to Towner.

Persons: That’s, Chris Towner, Towner, ”, Michael Peterson, Peter G Organizations: New, New York CNN, Republicans, Democrats, CBO, Federal, Budget, Social Security, Peterson Foundation Locations: New York, United, Towner

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