The federal government's record-high national debt is set to get even bigger, reaching a massive $54 trillion by the year 2034. The CBO cited an aging population and rising federal health care costs as key reasons the national debt will soar over the next decade. U.S. national debt surpassed $34 trillion for the first time in January this year. Still, the budget deficit is on track to grow to $1.6 trillion this year and $2.6 trillion over the next decade. US government debt to top $54 trillion in next decade, CBO says originally appeared on abcnews.go.com

Source: ABC News February 08, 2024 20:59 UTC