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Title : US Government Debt Is Projected To Exceed The Size Of The Economy In 2021 For The First Time Since WWII
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US Government Debt Is Projected To Exceed The Size Of The Economy In 2021 For The First Time Since WWII

The Congressional Budget Office published its latest report on federal deficits and debt on Wednesday. Federal debt held by the public is projected to rise sharply to 98 percent of gross domestic product (GDP) this year

Daily Mail: US government debt is set to exceed the size of the economy in 2021 for the first time since WWII and deficits are forecast to hit a record $3.3 trillion this year

* The Congressional Budget Office published its latest report on federal deficits and debt on Wednesday
* Federal debt held by the public is projected to rise sharply to 98 percent of gross domestic product (GDP) this year
* The previous peak occurred back in 1946 due to the large deficits incurred during WWII
* The report also projects that the US government's budget deficit is projected to hit a record $3.3 trillion this year, which is the worst since World War II
* Increase is mostly due to the economy being ravaged by COVID-19 and the federal rescue packages passed by the government in response

The US government's debt will exceed the size of the economy next year for the first time since World War II due to the coronavirus pandemic.

The Congressional Budget Office published its latest report on federal deficits and debt on Wednesday.

Federal debt held by the public is projected to rise sharply to 98 percent of gross domestic product (GDP) this year, compared to the 79 percent at the end of 2019, according to the report.

Debt is forecast to exceed 100 percent in the 2021 fiscal year and increase to 107 percent in 2023, which is the highest in the nation's history.

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WNU Editor: Here is an easy prediction. The CBO's debt numbers for 2021 are probably on the low side.

More News On America's Debt Crisis

Budget deficit to hit record $3.3T due to virus, recession -- AP
Thanks To Stimulus Spending, U.S. Debt Expected To Exceed The Size Of The Entire Economy Next Year -- Forbes
U.S. Debt Is Set to Exceed Size of the Economy Next Year, a First Since World War II -- WSJ
US debt will overtake GDP next year for the first time since 1946, CBO says -- CNN

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