Agency Warns of U.S. Debt Ballooning Under Existing Policies

Wednesday, Jun. 6, 2012

If Congress extends U.S. tax and spending policies at the end of this year and does nothing more, the public debt will expand to twice the size of the economy, the Congressional Budget Office said. If tax cuts adopted under President George W. Bush and some other tax and spending policies end as scheduled Dec. 31, the national debt will fall from 73% of gross domestic product this year to 53% in 2037, the office said. "What's at Stake? A CPA's Insights into the Federal Government's Finances" offers guidance for policymakers and the public on how the U.S. government's financial statements can be used for greater understanding of the nation's fiscal health.

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