The Congressional Budget Office said Wednesday in its latest long-term budget outlook that the U.S. federal debt is likely to rise to 185% of gross domestic product by 2051.
"Debt that is high and rising as a percentage of GDP could slow economic growth, push upto foreign holders of U.S. debt, heighten the risk of a fiscal crisis, elevate the likelihood of less abrupt adverse effects, make the U.S. fiscal position more vulnerable to an increase in interest rates and cause lawmakers to feel more constrained in their policy choices," the report said.
Despite larger deficits and higher debt stemming from massive spending during the COVID-19 pandemic, the odds of a fiscal crisis in the near term are relatively low, the report said. ," the report said. "However, financial markets do not always fully reflect risks on the horizon, and the risk of a fiscal crisis could change suddenly in the wake of unexpected events."
President Biden addresses the 76th Session of the U.N. General Assembly Sept. 21, 2021, at U.N. headquarters in New York City.
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