The US’s budget deficit is set to soar by almost two-thirds over the next 10 years, from $1.6tn to $2.6tn, Congress’s independent fiscal watchdog has warned, as higher interest rates weigh on the government’s finances.
The Congressional Budget Office said on Wednesday that government repayments to holders of the US’s debt would account for about three quarters of the rise in the deficit between now and 2034.
The deficit’s share as a proportion of gross domestic product would increase from 5.6 per cent in 2024 to 6.1 per cent in 10 years’ time, due to the repayment costs, remaining well above the average of 3.7 per cent over the past 50 years, the CBO said.
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