'Federal debt, which is already high by historical standards, is on an unsustainable course,' CBO director Phillip Swagel said in the report.
Federal deficits are expected to swell to higher levels over the next decade than previously expected, the nonpartisan Congressional Budget Office said in a new report Wednesday.
The CBO also said that President Donald Trump's tariffs are projected to shrink gross domestic product by 2020, and warned that further tariff hikes could stifle economic growth. Swagel said that the debt is projected to rise even higher after 2029, due to the aging of the U.S. population, growth in health care spending and rising interest costs.
Federal debt held by the public is projected to grow to 95% of GDP in 2029 from 79% in 2019. The 2029 debt projection will be "its highest level since just after World War II"
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