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US debt will spike to record high by 2029, despite debt ceiling deal

Updated: May 25, 2024 - 1:54am

America’s mountain of debt is poised to climb to new heights later this decade even after Republicans and Democrats reached a deal to chip away at the federal deficit. U.S. debt held by the public will climb to a record high of 107% of the gross domestic product in 2029, the nonpartisan Congressional Budget Office projected on Wednesday. That’s up from 98% of GDP at the end of this year. In other words, the amount of money the United States owes will significantly exceed the size of its economy.