CBO Warns of Rising US Debt Amid Potential Tax Cut Extensions

Washington, D.C. - The Congressional Budget Office (CBO) issued a warning about the rising U.S. public debt, projecting it to reach 118% of GDP by 2035. This comes as President Trump and Republican allies seek to renew tax cuts for families and businesses. The CBO noted the government is borrowing heavily amid rising costs of a rapidly retiring population. The debt, currently around $36 trillion, reflects a generation of mismatched spending and revenue policies. The CBO projects slower economic growth due to a declining workforce. Republicans are considering spending cuts and accounting maneuvers to offset the cost of extending tax cuts, which could add up to $15 trillion to the debt over the next decade. The CBO also anticipates that Social Security may deplete its fund by 2034, and Medicare by 2052.