""Our budget projections continue to indicate that the fiscal trajectory is not sustainable," CBO Director Phillip Swagel said in a statement, noting the agency's newest projections. Under laws passed in Trump's first year back in office, the national debt in 2030 will surpass the historical high of 106% of GDP that it reached in 1946. Meanwhile, the balance of SocialSecurity's Old-Age and Survivors Insurance Trust Fund will be exhausted in 2032, one year earlier than the CBO projected last January."
"Unlike the postwar era, however, the current debt load shows no sign of receding; the report projects debt will reach a staggering 175% of GDP by 2056. The Peter G. Peterson Foundation, a nonpartisan watchdog that closely follows the budget, told Fortune in a statement that only 10 years ago, the gross national debt was projected to be $29.3 trillion by the end of this fiscal year; we're now over $9 trillion ahead of that pace."
"Furthermore, the Peterson foundation calculated, the latest projections show net interest soon exceeding records by any measure, totaling nearly $14 trillion over the next decade. That's roughly $40,500 per person. The national debt currently stands at $38.6 trillion, with the Peterson foundation calculating in October that it was growing by its fastest rate ever, outside of the pandemic."
CBO revised its cumulative deficit projection for 2026–2035 upward by $1.4 trillion compared with last year. Projections show the national debt surpassing 106% of GDP by 2030 and continuing to climb toward 175% of GDP by 2056. SocialSecurity's Old-Age and Survivors Insurance Trust Fund is expected to be exhausted in 2032, a year earlier than previously projected. The Peterson Foundation reports the gross national debt is roughly $9 trillion higher than projections made a decade ago, net interest costs approaching nearly $14 trillion over the next decade, and the debt growing at an unusually rapid pace.
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