Federal debt headed toward all-time record, budget office says

By Joseph Lawler

Published July 12, 2016 2:01pm ET

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Federal debt headed toward all-time record, budget office says — The record high for federal debt held by the public was set at 106 percent of output in 1945, after the run-up in defense spending for the military effort in World War II. (Scott Eells/Bloomberg, File) | Scott Eells

Federal debt will mount faster than previously projected toward an all-time high, according to new figures released Tuesday from the Congressional Budget Office.

The agency projected that the federal debt will rise from roughly 75 percent of U.S. economic output today to 122 percent in 2040, up from an estimate of 107 percent last year. In years after that, it would continue growing, eventually reaching 141 percent in 2046.

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Budgets and Deficits Congressional Budget Office Debt Ceiling Joseph Lawler Minusextra Spending