Debt and deficits are going to explode in the next 30 years, CBO says

CNBC/Jeff Cox/03-30-17

Government debt and budget deficits are both set to spiral higher in the coming three decades if current patterns hold, according to new projections released Thursday by the Congressional Budget Office.

Due largely to increases in Medicare and Social Security, federal debt will reach 150 percent of gross domestic product in 2047, the CBO report said.

The total current debt held by the public of $14.3 trillion is 77 percent of GDP. The current total debt level of $18.8 trillion is about 101 percent of GDP (the CBO computes debt to GDP based on public debt).

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