You often hear politicians, pundits
and concerned Americans declare that Washington is "digging a hole"
that future generations will never be able to escape.
But just how deep is this hole?
The Congressional Budget Office gave us a glimpse on Tuesday.
The non-partisan government agency released its annual "Long-Term Budget Outlook," crunching the numbers to figure out what current government spending will cost us 25 years down the road. Its findings are, in a word, terrifying.
The CBO estimates that the federal government will continue to spend significantly more money than it brings in through taxes — hundreds of billions every year, to be precise.
As a result, America's national debt, already at more than $18 trillion, is going to grow faster and faster.
Over the next 10 years, the CBO projects that Washington's wasteful spending will add an additional $7.4 trillion to the debt.
By 2040, America's national debt could rise to well over $54 trillion — more than triple what it is today.
But just how deep is this hole?
The Congressional Budget Office gave us a glimpse on Tuesday.
The non-partisan government agency released its annual "Long-Term Budget Outlook," crunching the numbers to figure out what current government spending will cost us 25 years down the road. Its findings are, in a word, terrifying.
The CBO estimates that the federal government will continue to spend significantly more money than it brings in through taxes — hundreds of billions every year, to be precise.
As a result, America's national debt, already at more than $18 trillion, is going to grow faster and faster.
Over the next 10 years, the CBO projects that Washington's wasteful spending will add an additional $7.4 trillion to the debt.
By 2040, America's national debt could rise to well over $54 trillion — more than triple what it is today.
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