Fox Business: US national debt to surge to record levels without reform, raising prospect of debt crisis

A recent update to the federal government's long-term budget outlook by the nonpartisan Congressional Budget Office (CBO) found that budget deficits are projected to widen from about $1.9 trillion this year to more than $2 trillion annually starting in 2030, before nearing $2.9 trillion in 2034. In that period, the debt held by the public will rise from more than $28 trillion this year to over $50 trillion in 2034. 

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