Increased spending on old-age entitlements and the cost of financing the national debt will push annual budget deficits from $1.9 trillion this year to over $3 trillion by 2036.
That's according to the Congressional Budget Office's (CBO) latest 10-year budget estimate, released Wednesday morning. Over the next decade, the CBO expects the national debt to hit a record high of more than 120 percent of America's gross domestic product, exceeding the previous high of 106 percent near the end of World War II.
