# CBO Related Articles

US National Debt Set to Break WWII Record Soon

According to the U.S. Congressional Budget Office, the national debt of the United States is approaching the record levels seen in 1946 and is projected to exceed that peak in 2030. The total debt currently stands at approximately $39.9 trillion. This figure includes securities held in federal accounts, which were not counted in the World War II-era debt calculations. The CBO forecasts the debt will reach 101% of GDP by the end of fiscal year 2026, surpass the 1946 peak of 106% shortly after, and climb to 120% by 2036. The current debt situation differs significantly from the post-World War II period. In 1944, wartime spending peaked at 42.7% of GDP but fell to 14% by 1949 as mobilization ended, aiding debt reduction. Today, there is no clear end date for high spending pressures. The CBO's latest projections estimate spending at 24.4% of GDP and revenues at 17.8% in 2036. The sustained spending growth is largely driven by rising costs for social security and healthcare benefits, fueled by an aging population. The number of Americans aged 65 and older is nearly three times greater than 50 years ago and is expected to increase by another 15% between 2027 and 2036.

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