New figures released Wednesday by the Congressional Budget Office show debt rising to 190 percent of GDP by 2035. The annual long-term budget outlook forecasts a surge in public debt this year that will rise to 70 percent of GDP by the end of fiscal year 2011 compared to 62 percent by the end of 2010. The CBO offers two forecasts, both of which show the nation's finances deteriorating over the next quarter century. CBO - Report here (PDF)Also see the following documents have been added to CBO's Web site:
- Federal Budget Math: We Can't Repeat the Past
CBO Director Doug Elmendorf's presentation to the Federal Reserve Bank of New York. - Cost Estimate for H.R. 470, Hoover Power Allocation Act of 2011
Cost estimate for the bill as ordered reported by the House Committee on Natural Resources on June 15, 2011 - CBO's 2011 Long-Term Budget Outlook: Testimony Before the House Budget Committee
