News HeadlinesU.S. public debt would balloon to twice the size of its economy in 25 years if current tax and spending policies are extended, Congress' budget referee said on Tuesday, delivering fresh fodder for a year-end budget brawl.
The Congressional Budget Office said in a new report that if tax cuts enacted under George W. Bush are allowed to expire as scheduled on Dec. 31, along with some other tax and spending policies, U.S. public debt would shrink significantly, falling to 53 percent of gross domestic product by 2037 from 73 percent this year.
The CBO's entire report can be found at: http://www.cbo.gov/sites/default/fil...et_Outlook.pdf
Supplemental material accompanying the report can be found at: CBO | The 2012 Long-Term Budget Outlook