Report: Federal debt lower in 2022; still poised to climb

By JOSH BOAK
Associated Press

The Congressional Budget Office says the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast. But the non-partisan office also includes a warning in its 30-year outlook. Debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy. Accumulated debt held by the public will be equal to 98% of U.S. gross domestic product this year. That’s four points lower than the 2021 forecast. But this would be a brief respite from rising levels of debt that will surpass the historical high in 2031 and climb by 2052 to 185% of GDP.