Budget deficits may double in growth, according to the Congressional Budget Office. Federal deficits as a share of GDP are expected to rise from 4.2% in 2019 to 8.7% in 2049, well above the 2.7% average over the past 50 years. Social security and Medicare spending are cited as the main causes of this budget deficit balloon along with rising interest costs on government debt. You can read more here.
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