Reply #32: CBO Sees U.S. Federal Debt This Year Climbing to 70% of GDP

[Demeter]

http://www.bloomberg.com/news/2011-06-22/cbo-sees-u-s-federal-debt-this-year-climbing-to-70-of-gdp.html

Publicly held federal debt will reach roughly 70 percent of the nation’s gross domestic product by the end of this year, the highest since just after World War II, according to the Congressional Budget Office.

It’s likely to go past 100 percent by 2021 if lawmakers don’t change current policy, the agency said in a report updating its long-term budget outlook. The debt will approach 190 percent by 2035, dwarfing the 109 percent set during World War II, the report said.