The Congressional Budget Office said Wednesday that the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast.
But the non-partisan office also includes a warning in its 30-year outlook about how debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy. The estimates show the complex politics beneath government finances. Debt-related pressures have faded somewhat in the short-term for lawmakers, even as they continue to loom as a troubling risk for future congresses and presidents.
