The Congressional Budget Office (CBO) predicts that the U.S. national debt will exceed $50 trillion over the next 10 years.
The agency that provides financial and economic data to the U.S. Congress said in a new report that it expects the nation's national debt to reach $54.4 trillion by the end of 2034.
According to the U.S. Treasury, the national debt currently stands at $34.22 trillion. CBO's projections suggest an increase of $20.18 trillion in just 10 years.
The CBO's latest forecast comes as hedge fund billionaire Paul Tudor Jones warns that the United States is close to exploding a “debt bomb.”
According to Fortune, in an interview with CNBC, the legendary investor said that while the U.S. economy appears to be functioning like a well-oiled machine, it is actually running “on steroids.” He is said to have said.
Jones said the U.S. government is stimulating consumption and economic activity through excessive borrowing and spending.
“Our budget deficit is 6% to 7%. We are accelerating consumption like crazy.”
Jones warns that it is only a matter of time before the economy collapses under the weight of the government's massive debt problem.
“The only question is… when will it hit the market? It could be this year, it could be next year.
Productivity can be hidden, and that could be three or four years from now. But clearly, clearly, we are on an unsustainable path. ”
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