The Congressional Budget Office (CBO) released its 10-year budget outlook, revealing that the national debt is expected to increase by $23.9 trillion in the coming decade. This projection does not include the potential impact of additional tax cuts proposed by President-elect Donald Trump.
While the outlook shows a slightly brighter picture due to higher taxable incomes, annual budget deficits are anticipated to reach 6.1% of the U.S. gross domestic product by 2035, significantly higher than the 3.8% average over the past 50 years.
