By Micheal Chukwuebuka, Reporting
THE United States record-high national debt is set to get even bigger, reaching a massive $54 trillion by the year 2034, according to a new forecast released Wednesday from the nonpartisan Congressional Budget Office (CBO).
The CBO also cited an aging population and rising federal health care costs as key reasons the national debt will soar over the next decade.
Stonix News learnt that U.S. national debt surpassed $34 trillion for the first time in January this year.
Our source, ABC News, reported that higher interest rates, which have affected consumers’ finances with more expensive mortgages, auto loans and credit card rates, are also having a big impact on the government’s expenditures.
Starting next year, interest costs in relation to the overall economy will be bigger than at any point since 1940.
The Congressional Budget Office said it expects the Federal Reserve will start to lower interest rates in the middle of this year.
President of the Committee for a Responsible Federal Budget, Maya MacGuineas, in a statement to ABC News, said it is time for Congress to wake up:
“Our debt is rising out of control, and it is time for Congress to wake up.”
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