Worthy Christian News » US News » Debt to reach highest level since 1950 this year
Debt to reach highest level since 1950 this year
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 this year will jump to the highest level since 1950 relative to the size of the economy, the Congressional Budget Office reported Tuesday.
The agency projected that the debt held by the public will rise 3 percentage points to 77 percent of U.S. gross domestic product by the end of fiscal year 2016 in September.
Debt has not hit that ratio since 1950, when the government was still in the middle of paying down the debt it incurred paying for World War II. [ Source ]
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