Nation is edging closer to statutory debt ceiling of $31.4 trillion. 'We are addicted to debt,' one expert said.
on America's debt load, warning in its 30-year outlook that, if unaddressed, the debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy. If unchecked, investors could lose confidence in the U.S. government's ability repay its debt, which would result in a spike in interest rates and rising inflation, the CBO warned.
In full, this year's deficit will decline by $1.7 trillion, representing the single largest decline in the federal deficit in American history, the Office of Management and Budget said in August.
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