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.
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