Connect with us

Business

US debt to break WWII record by 2030, CBO projects in new budget report

Published

on

US debt to break WWII record by 2030, CBO projects in new budget report

The U.S. national debt is on pace to break a record set after World War II in four years, while annual budget deficits are projected to balloon to $3 trillion a year a decade from now, according to a new analysis by Congress’ financial watchdog.

The nonpartisan Congressional Budget Office (CBO) released a budget and economic outlook spanning the next decade, which projected that federal budget deficits will rise from an estimated $1.9 trillion in fiscal year 2026 to $3.1 trillion in 2036.

Advertisement

Mounting budget deficits will push the national debt higher, with the gross federal debt rising from an estimated $39.4 trillion at the end of fiscal year 2026 to $63 trillion in 2036. That will also increase the amount of debt held by the public from $32 trillion to $56 trillion in that period and with it the public as a share of gross domestic product (GDP), a measure economists prefer to use in comparing a nation’s debt to the size of its economy.

U.S. debt held by the public is estimated to rise to 108% of GDP in 2030, which would surpass the record of 106% set in 1946 as the U.S. was in the process of demobilization after the end of World War II. A decade from now, debt held by the public as a percentage of GDP is projected to reach 120%.

NATIONAL DEBT SURPASSES $38 TRILLION MILESTONE FOR FIRST TIME IN HISTORY AS SPENDING SURGES

Making the fiscal picture even worse, the CBO estimates that the debt held by the public is expected to grow faster than U.S. GDP as projected in the years ahead, which could have far-reaching implications for the nation’s fiscal and economic outlook. It explained that could slow economic growth and reduce private investment, while hiking interest costs from servicing the debt.

Advertisement

“The United States’ fiscal position would be more vulnerable to an increase in interest rates, because the larger debt is, the more an increase in interest rates raises debt-service costs,” CBO wrote. 

“The risk of a fiscal crisis — that is, a situation in which investors lose confidence in the value of the U.S. government’s debt — would increase. Such a crisis would cause interest rates to rise abruptly and other economic and financial disruptions to occur.”

WHAT ARE THE BIGGEST BUDGET DEFICITS IN US HISTORY

US Capitol Dome

The national debt as a share of the U.S. economy is on track to surge past a post-World War II record in the next four years. (Mandel Ngan/AFP via Getty Images)

The budget watchdog added that higher inflation expectations could erode the dollar’s status as the dominant international reserve currency. 

Advertisement

Further, it could cause lawmakers to feel constrained about using tax and spending policies in response to unforeseen events, such as to stimulate the economy or to strengthen national defense.

Under the CBO’s outlook, net interest costs are expected to surge from a little over $1 trillion in fiscal year 2026, representing 3.3% of GDP, to more than $2.1 trillion in 2036, when it would amount to 4.6% of GDP.

Interest costs are expected to account for nearly 14% of total federal spending this year, but would rise to nearly 19% of federal spending in 2036 under the CBO’s projection.

TRUMP’S CALL FOR $1.5 TRILLION DEFENSE BUDGET WOULD ADD TRILLIONS TO DEBT: CRFB

Advertisement
Washington debates over national debt ceiling

The rising national debt and growing deficits will make it harder for Congress to enact tax and spending policies. (iStock)

Michael Peterson, CEO of the Peter G. Peterson Foundation, called the CBO’s latest report “an urgent warning to our leaders about America’s costly fiscal path.”

“Improving affordability is a top priority for the nation. Borrowing trillion after trillion takes us in the wrong direction, leading to higher interest costs and higher prices for everyday needs,” he said. “This election year, voters understand the connection between rising debt and their personal economic condition. And the financial markets are watching.

“Stabilizing our debt is an essential part of improving affordability and must be a core component of the 2026 campaign conversation.”

Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget (CRFB), said, “There are no surprises here or bright spots of encouraging news: Our nation’s deficits, debt, interest payments and trust funds are all in terrible shape.

Advertisement

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“Fiscal leadership is not easy — it requires committing to not making the situation worse by withholding support for new legislation that is debt financed, focusing on actual solutions rather than casting blame, and being willing to make tough policy choices that will be the centerpiece of any serious debt deal,” she added.

“This is too important a moment for our leaders to shirk these responsibilities, and I encourage every Member of Congress and the President to take a cold hard look at these numbers and pledge to fix our nation’s finances before it’s too late.”

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Samsung Galaxy A57 Retailer Listing Accidentally Reveals Key Details

Published

on

MacBook Neo

The upcoming Samsung Galaxy A57 is inching closer to its official debut, and a European retailer’s accidental listing may have revealed nearly everything about the device ahead of schedule. The listing showcased the phone’s design and core specifications, giving tech enthusiasts an early glimpse of Samsung’s next mid-range contender.

Industry insiders expect Samsung to announce the Galaxy A57 alongside the frequently leaked Samsung Galaxy A37, possibly before the end of the month.

Smooth, Powerful Display and Performance

Samsung Galaxy
Discover 10 essential Samsung Galaxy settings, practical One UI settings, and Samsung phone tips to boost performance, battery life, security, and everyday convenience on your Galaxy phone.

According to the leaked listing, the Galaxy A57 will sport a 6.6-inch Full HD+ Super AMOLED display with a 120Hz refresh rate, ensuring smooth scrolling and vibrant visuals. Samsung continues its tradition of offering premium screen quality even in mid-range devices.

The device is rumored to be powered by the Exynos 1680 processor, designed to deliver strong performance and efficiency for gaming, multitasking, and everyday use. Users can expect multiple RAM options, including 6GB, 8GB, and 12GB, paired with either 128GB or 256GB of internal storage.

Camera Setup and Battery Life

GSM Arena discovered that photography remains a major focus for the Galaxy A57. The phone reportedly includes a triple rear camera system: a 50MP main sensor, a 12MP ultra-wide lens, and a 5MP macro camera for close-up detail.

Advertisement

On the front, a 12MP selfie camera promises clear photos and video calls.

The smartphone is expected to pack a 5,000mAh battery with support for 45W fast wired charging, allowing for long usage and rapid recharges.

Software and User Experience

Out of the box, the Galaxy A57 will run Android 16 with Samsung’s latest One UI 8.5, providing enhanced customization, smoother performance, and new productivity features.

If budget is not a problem, going for the Samsung Galaxy S26 Ultra is still the smartest choice for your wallet.

Advertisement

Originally published on Tech Times

Continue Reading

Business

Country health service workers told to fill up with fuel

Published

on

Country health service workers told to fill up with fuel

The opposition has used an internal government email to undermine Premier Roger Cook’s claim that fuel supply in Western Australia was secure.

Continue Reading

Business

Netflix Stock Can Heal From Warner Bros. ‘Scars,’ Analyst Says. Why He Still Won’t Make It a Buy.

Published

on

Netflix Stock Can Heal From Warner Bros. ‘Scars,’ Analyst Says. Why He Still Won’t Make It a Buy.

Netflix Stock Can Heal From Warner Bros. ‘Scars,’ Analyst Says. Why He Still Won’t Make It a Buy.

Continue Reading

Business

Development company to turbocharge ’21st century renaissance story’ for Liverpool’s North Docks

Published

on

Business Live

Mayor Steve Rotheram says North Docks scheme could extend city centre towards Hill Dickinson Stadium

Aerial view of Hill Dickinson Stadium before the match between Everton and Bournemouth on February 10 2026

The North Docks area stretches from the Hill Dickinson Stadium to the city centre(Image: Gary Oakley/Everton FC Official Photography Library/SmartFrame)

A major new regeneration body designed to turbocharge developments along the edge of Liverpool city centre is ready to deliver “one of the UK’s most dramatic renaissance stories of the 21st century.” Subject to approval, Liverpool’s emerging Mayoral Development Corporation (MDC) is seeking to convert 174 hectares of brownfield land into a dynamic extension of Liverpool city centre, with 5m sq ft of new commercial space and 17,700 new homes.

Advertisement

Metro Mayor Steve Rotheram will confirm to the MIPIM property conference, in Cannes, France how a business case is now in development for the transformation of the city’s North Docks. Liverpool City Region Combined Authority, with Liverpool City Council, is to launch a statutory public consultation on the proposed MDC by the summer.

The Combined Authority, which announced earlier this week it was establishing a landmark £2bn Investment Fund to fast-track development projects, is expected to consider the formal creation of the MDC following work on the business case in the autumn. The scheme includes a roster of major projects along the North Docks area.

READ MORE: Designs revealed for 70-storey tower on Liverpool waterfront that’s set to include a five-star hotelREAD MORE: £2bn investment fund to drive regeneration and attract investment in Liverpool City Region

This includes the Liverpool Waters development The Central Docks, including a new urban park, supported by a £55m government grant and £26m investment from Peel Waters, site preparation due for completion in 2028. Mayor Rotheram’s announcement on the MDC’s business case timetable comes less than a day after developer Beetham Davos revealed how their new Kings neighbourhood, which falls within the emerging MDC boundary, would connect the northern fringe of the docklands with the city centre’s commercial business district.

Advertisement

Mr Rotheram said: “This Mayoral Development Corporation has the potential to inspire one of the UK’s most dramatic renaissance stories of the century, so I’m delighted to say our foot is firmly on the pedal to make this happen. For far too long, vast swathes of the city’s historic docklands have been left to rot and the impact on North Liverpool and the communities surrounding it is clear to see.

“Now with the arrival of Everton’s new stadium and exciting plans from developers such as Peel Waters and Beetham Davos coming out the ground, the timing to create such a body has never been better and the full business case should be ready for the Government to assess within the next six months. Momentum and confidence in the private sector is building and this MDC is the perfect body to capture that and provide the tools to accelerate it.

“Working alongside Liverpool Council, we have a clear roadmap ahead of us to turbocharge much needed investment in a number of schemes which will transform this area from a brownfield wilderness to a dynamic extension of Liverpool city centre.” The zone’s future will be guided by a strategic masterplan vision and delivery framework that is being co-produced with Homes England, in conjunction with key stakeholders in the area.

This framework will also incorporate existing initiatives for housing-led regeneration under the Pumpfields SPD, working with businesses in the Ten Streets area, and will align with aspirations set out in the council’s waterfront plan for enhanced connectivity between the city centre and North Docks. Subject to approval, the business case approval would enable the corporation, which will involve collaboration between the Combined Authority, Liverpool City Council, Homes England, national agencies and private sector partners such as Peel Waters, to progress towards full legal establishment once national consent is secured.

Advertisement

Once completed, the results of the consultation will inform the full business case, which will set out the financial, economic, commercial and governance reasons for its establishment. It will then be sent to the Ministry of Housing, Communities and Local Government, for consideration by the government.

Cllr Liam Robinson, leader of Liverpool Council, said: “This is a hugely important moment for the future of Liverpool’s North Docks and our wider city. Working with the Liverpool City Region Combined Authority, the proposed Mayoral Development Corporation gives us a powerful opportunity to accelerate regeneration on a scale that simply hasn’t been possible before.

“By building on the momentum created by major investments such as the new Everton stadium at Liverpool Waters, we can unlock long term growth, deliver thousands of new homes, and create high quality jobs in a part of the city with enormous potential. Just as importantly, we are committed to engaging residents, businesses and partners as plans develop, so that this transformation delivers real benefits for Liverpool and its communities.”

Advertisement
Continue Reading

Business

U.S. Dollar Rises With More Room To Run Amid Iran War, Surging Oil Prices

Published

on

U.S. Dollar Rises With More Room To Run Amid Iran War, Surging Oil Prices

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

Continue Reading

Business

Trump says white South Africans are persecuted; some are returning to a better life

Published

on

Trump says white South Africans are persecuted; some are returning to a better life


Trump says white South Africans are persecuted; some are returning to a better life

Continue Reading

Business

Saudi Arabia Starts to Shut Down Some Oilfields

Published

on

Saudi Arabia Starts to Shut Down Some Oilfields

Saudi Arabia has started shutting down some of its oilfields as the disruption in the Strait of Hormuz curbs exports and the kingdom tries to reroute crude via the Red Sea.

Offshore fields such as Safaniya and Zuluf have been preemptively shut down, while output has been significantly lowered in other fields, according to Saudi officials familiar with the matter.

The shutdowns are likely to reduce output by more than 2 million barrels a day but haven’t yet impacted the kingdom’s export levels, they said.

Continue Reading

Business

Anixa Biosciences, Inc. (ANIX) Shareholder/Analyst Call – Slideshow

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Anixa Biosciences, Inc. (ANIX) Shareholder/Analyst Call – Slideshow

Continue Reading

Business

Global Market | Strait of Hormuz closure keeping oil markets on edge: Ed Yardeni

Published

on

Global Market | Strait of Hormuz closure keeping oil markets on edge: Ed Yardeni
Global oil markets remain on edge as geopolitical tensions in West Asia continue to disrupt the vital Strait of Hormuz, a key route through which a significant share of the world’s crude oil supply passes. The ongoing confrontation involving Iran, Israel, and the United States has injected fresh uncertainty into energy markets, with traders closely monitoring the situation for any signs that shipping activity could safely resume. The volatility in crude prices has also begun to spill over into global equity markets, where investors are reacting sharply to developments on the geopolitical front.

Speaking to ET Now, market strategist Ed Yardeni from Yardeni Research said the biggest factor driving oil market sentiment is the uncertainty around the reopening of the Strait of Hormuz. “Well, a lot of it is, of course, the Strait of Hormuz. Right now, it is effectively closed and everybody is trying to guess when it might be opened again.”

According to Yardeni, stability will depend largely on how quickly the conflict de-escalates and whether the threat to tanker traffic diminishes. “As long as Iran does not concede or agree that they have lost the war, there are still going to be missiles and drones flying in the Middle East.” He added that tangible signs of normalcy would only emerge once ships begin moving safely through the strategic passage. “I will turn more optimistic when I see that a few tankers actually make it through the strait without any incident.”

Financial markets have also been rattled by mixed signals from Washington over whether the United States Navy is escorting oil tankers across the strait. Such statements and subsequent denials have triggered abrupt swings in both crude prices and global stocks. Yardeni noted that even if Iran’s ability to deploy ballistic missiles is constrained, drone attacks could still pose a major threat to shipping operations in the region.

Advertisement

“Yes, drones can do plenty of damage and can effectively continue this blockade.” He also pointed out that the risks for ship operators and crew members remain considerable. “Even if you can get insurance, you may not want to subject your tankers to that kind of risk.”


Looking ahead, Yardeni warned that markets may be underestimating the uncertainty surrounding the conflict. “It is a dangerous situation and there are still a lot of surprises that could happen. It is the fog of war.” For now, he believes investors are largely betting on a favourable outcome. “The market has chosen to discount the best outcome — a short war and an open Strait of Hormuz with oil flowing.”
The International Energy Agency has indicated that its member countries could release additional supplies if disruptions worsen, a move aimed at calming the market in the short term. However, Yardeni cautioned that such measures would only provide temporary relief if the geopolitical situation fails to stabilise. “Oil from strategic petroleum reserves can help in the short run, but if the war does not end quickly, it would not help much.” For investors around the world, the direction of oil prices — and by extension financial markets — may ultimately depend on whether tensions ease enough to allow safe passage through one of the world’s most critical energy corridors.

Continue Reading

Business

Facebook owner Meta buys 'social media network for AI' Moltbook

Published

on

Facebook owner Meta buys 'social media network for AI' Moltbook

The forum-style app has sparked interest by showing how AI bots interact without human involvement.

Continue Reading

Trending

Copyright © 2025