The Congressional Budget Office estimates that this year the country's national debt will be at its highest level since World War II, and in thirty years it is expected to double.
The agency believes that by the end of this year, the national debt will be at the level of 102% of GDP. This figure will be at the level of 202% of GDP by 2051, due to high health care costs and debt servicing.
These calculations do not take into account the $1.9 trillion government stimulus package proposed by President Joe Biden, as it is still under consideration in Congress. At the same time, the department does not expect a budget crisis in the coming years.
On the contrary, it is reported that in 2021, we can expect a reduction in the budget deficit to 10.3% from 14.9% of GDP a year earlier. Its growth is expected to begin in the second half of this 10-year anniversary, and in 2051 it can reach 13.3% of US GDP. GDP will grow at an average annual rate of 1.8% from 2021 to 2051.