U.S. To Owe More Than The Size Of Its Economy For The 1st Time In 75 Years

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Sheets of one-dollar bills run through the printing press at the Bureau of Engraving and Printing on March 2015 in Washington, D.C. National debt is expected to reach an all-time high of 107% of GDP in 2023.

Mark Wilson/Getty Images

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Mark Wilson/Getty Images

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Red Ink Overflowing: In June, U.S. Borrowed A Typical Year’s Worth

With tens of millions of people out of work and countless businesses struggling or shuttered, tax revenues are falling. Revenues are projected to be 16% of GDP this fiscal year — down from 16.3% last year and 18% in 2015.

The CBO projects that both revenues and spending will decline in the upcoming fiscal year, which begins Oct. 1. Next year’s deficit is expected to be 8.6% of GDP.

Despite the historically high debt levels, the government’s borrowing costs are expected to remain low for the next several years. CBO projects interest costs will decline through 2024, before turning upward in the latter half of the decade.

  • coronavirus
  • federal deficit
  • CBO
  • federal debt


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