USA: CBO paints grim long-term debt picture

Market watch ^ | June 5, 2012, 11:43 a.m. EDT | Robert Schroeder, MarketWatch

[Ernest_at_the_Beach]

WASHINGTON (MarketWatch) — The U.S. debt will exceed the size of the nation’s economy in 25 years if the federal government doesn’t chart a “sustainable fiscal course,” the Congressional Budget Office warned in a new estimate on Tuesday.

In its 2012 long-term budget outlook, the nonpartisan CBO said that extending current tax rates and rising health-care costs would push the debt to almost 200% of gross domestic product in 2037. That is under the CBO’s scenario that maintains current policies. Read CBO report.

[Ernest_at_the_Beach]

CBO report is 109 page PDF titled:

The 2012 Long-Term Budget Outlook

[citizen]

Bob Beckel says deficits don’t matter.

[Nachum]

The list, Ping

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[Ernest_at_the_Beach]

First image in the report is a Killer:

[Nachum]

The list, Ping

Let me know if you would like to be on or off the ping list

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[servantboy777]

The debt is slightly above GDP now, not including unfunded liabilities such as medicaid, SS.

Last report I heard was 99 trillion total debt including the unfunded promises.

We are already there! Austerity now or Austerity later....one things for sure, there will be Austerity.

[avacado]

"The U.S. debt will exceed the size of the nation’s economy in 25 years "

Errrr... the national debt has already exceeded the size of the US economy. What the heck is this article about?

[Marine_Uncle]

If your not familiar with this site, perhaps worth bookmarking.
usdebclock

[Ernest_at_the_Beach]

Ugh....

Don't want to read that before going to bed.

[Marine_Uncle]

I can appreciate that sentiment. Not an easy thing to view, but sort of puts the whole American destiny in focus.