The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump.
The nonpartisan Congressional Budget Office released its 10-year budget outlook on Friday that showed a slightly brighter picture as higher taxable incomes will relieve some pressure on the rising national debt. Still, annual budget deficits are expected to be equal to 6.1% of U.S. gross domestic product in 2035, which the CBO noted is “significantly more than the 3.8 percent that deficits have averaged over the past 50 years.”
