The United States Congressional Budget Office (CBO) has warned of the government’s annual deficits for years to come.
The CBO has warned the government, estimating that the annual deficits of the US government will “nearly double over the next decade.”
Danger Chimes in the U.S. Treasury
According to a recent report, the United States government now faces the “significant risk” of failing to meet all its financial obligations in early June.
According to a May 12 report released by the U.S. Congressional Budget Office (CBO), the risk of the U.S. government’s near-term default increases as it reached the statutory debt limit of $31.4 trillion on January 19.
The CBO estimates that if the debt limit remains unchanged, the US government could be in trouble as early as June. The CBO report drew attention to some issues:
“The CBO estimates there is a significant risk that at some point in the first two weeks of June, the government will no longer be able to pay off all its obligations if the debt limit remains unchanged.”
The CBO predicts that public debt will also increase over the next decade. The following statements were included in the report on the subject:
“As a result of these deficits, public debt also rises from 98 percent of GDP at the end of this year to 119 percent by the end of 2033, according to CBO estimates.”
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