public debt, measured as a percentage of GDP, held by the public since 1900 Overview CBO: U.S. Those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. CBO estimated in February 2024 that Federal debt held by the public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034 and would continue to grow if current laws generally remained unchanged. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. The government primarily spends on healthcare, retirement, and defense programs. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The United States budget comprises the spending and revenues of the U.S.
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