The Committee for a Responsible Federal Budget presents the discouraging forecasts.
CBO now projects deficits more than tripling, from $438 billion in 2015 to $1.24 trillion by 2026, with trillion dollar deficits returning by 2024. CBO now projects the deficit for 2016 to be $152 billion higher than 2015 at $590 billion.
Debt held by the public, meanwhile, will grow by $10 trillion from $13.1 trillion at the end of 2015 to $23.1 trillion by 2026. As a share of Gross Domestic Product (GDP), debt will grow from 74 percent of GDP in 2015 – already twice its pre-recession levels – to 85.5 percent of GDP in 2026.