Worthy Christian News » US News » GAO: Debt will grow to three times the size of the economy


GAO: Debt will grow to three times the size of the economy

Thursday, April 7, 2016 | Tag Cloud

Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”

(Worthy News) - The national debt is on pace to keep growing over the next 20 years and eventually become three times the size of the U.S. economy, the government's top auditor warned lawmakers Wednesday.

"The federal government remains on a long-term unsustainable fiscal path," Government Accountability Office Comptroller General Gene Dodaro said during a Senate Budget Committee hearing.

Entitlement programs such as Social Security and Medicare drive those numbers, along with interest payments on the federal debt. Sen. Ron Johnson, R-Wis., estimated those factors will contribute to a $103 trillion national debt over the next 30 years. Dodaro concurred, but his testimony underscored that lawmakers neither have a consensus about what the debt level should be, nor how to achieve that goal. [ Source ]

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Worthy Christian News » US News » GAO: Debt will grow to three times the size of the economy

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Worthy Christian News » US News » GAO: Debt will grow to three times the size of the economy