Again, those numbers put the ratio at levels not seen since just after World War II. But the CBO says it will rise to 93 percent by the end of 2029. economy, the national debt stood at 78 percent of GDP in 2018. "Other than the period immediately after World War II, the only other time the average deficit has been so large over so many years was after the 2007–2009 recession," the CBO said last month.Īnnual deficits and the national debt rose to new heights under the Obama administration, and the trend has continued under President Trump.Īs a share of the U.S. That's far higher than the 2.9 percent of GDP that has been the average for the past 50 years. Over the next 10 years, annual federal deficits - when Congress spends more than it takes in through tax revenues - are expected to average $1.2 trillion, which would be 4.4 percent of gross domestic product. is projected to rack up annual deficits and incur national debt at rates not seen since the 1940s, according to the Congressional Budget Office. The new debt level reflects a rise of more than $2 trillion from the day President Trump took office in 2017.ĭespite being in the second-longest economic expansion since the post–World War II boom, the U.S. The Treasury Department data comes as tax revenue has fallen and federal spending continues to rise. government's public debt is now more than $22 trillion - the highest it has ever been.
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