https://apnews.com/article/debt-deficit-congress-spending-budget-biden-d3ec1e9bdbdd2089f31f09a1a8ca80ca Menu AP Logo Menu * U.S. * World * Politics * Video * Spotlight * Entertainment * Sports * Business * Science * Fact Check * Climate * Health * Photography * Oddities * Tech * Lifestyle * Religion * Press Releases * ... + U.S. + World o Russia-Ukraine War o Latin America o Europe o Africa o Middle East o Asia Pacific o U.S. News o Australia o China + Politics o Joe Biden o Election 2024 o Congress + Video + Spotlight + Entertainment o Movie reviews o Book reviews o Celebrity o Television o Music + Sports o MLB o NFL o NHL o NBA o WNBA o Soccer o Tennis o Golf + Business o Inflation o Financial Markets o Business Highlights + Science + Fact Check + Climate o Wildfires o Floods + Health + Photography + Oddities + Tech o Artificial Intelligence o Social Media + Lifestyle o Gardening o Food o Fashion o Entertainment + Religion + Press Releases [ ] Search Query Submit Search Show Search * U.S. * World + Russia-Ukraine War + Latin America + Europe + Africa + Middle East + Asia Pacific + U.S. News + Australia + China * Politics + Joe Biden + Election 2024 + Congress * Video * Spotlight * Entertainment + Movie reviews + Book reviews + Celebrity + Television + Music * Sports + MLB + NFL + NHL + NBA + WNBA + Soccer + Tennis + Golf * Business + Inflation + Financial Markets + Business Highlights * Science * Fact Check * Climate + Wildfires + Floods * Health * Photography * Oddities * Tech + Artificial Intelligence + Social Media * Lifestyle + Gardening + Food + Fashion + Entertainment * Religion * Press Releases * * [] The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world's population sees AP journalism every day. * + twitter + instagram + facebook * * The Associated Press + ap.org + Careers + Accessibility Statement + Cookie Settings + Terms of Use + Manage My Personal Data * * More From AP News + About + AP News Values and Principles + AP's Role in Elections + AP Leads + AP Definitive Source Blog + AP Images Spotlight Blog + AP Stylebook * * Copyright 2023 The Associated Press. All Rights Reserved. A U.S. Coast Guard ship arrives in the harbor of St. John's, Newfoundland, on Wednesday, June 28, 2023, following the arrival of the ship Horizon Arctic carrying debris from the Titan submersible. The submersible owned by OceanGate Expeditions imploded on its way to the wreck of the Titanic. (Paul Daly/The Canadian Press via AP) Titan debris FILE - Madonna appears at the 30th annual GLAAD Media Awards in New York on May 4, 2019, in New York. Madonna has postponed her career-spanning 2023 'Celebration' tour due to 'serious bacterial infection' and ICU stay, her manager Guy Oseary confirmed on Wednesday. The tour was set to kick-off in Vancouver on July 15. (Photo by Evan Agostini/Invision/AP, File) Madonna postpones tour FILE - United States' Simone Biles bites her gold medal for the artistic gymnastics women's individual all-around final at the 2016 Summer Olympics in Rio de Janeiro, Brazil, Aug. 11, 2016. USA Gymnastics announced Wednesday, June 28, 2023, that Biles, the 2016 Olympic champion, will be part of the field at the U.S. Classic outside of Chicago on Aug. 5. The meet will be Biles' first since the 2020 Olympics. (AP Photo/Dmitri Lovetsky) Simone Biles returning to competition FILE - In this Tuesday, Aug. 9, 2016 file photo, businessman Yevgeny Prigozhin, left, gestures on the sidelines of a summit meeting between Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan at the Konstantin palace outside St. Petersburg, Russia. USAReally is a case in point. The website was launched in May by the Federal News Agency, part of an empire allegedly run by Putin ally Yevgeny Prigozhin that includes the Internet Research Agency _ the "troll factory" whose members were indicted by U.S. special investigator Robert Mueller this year. (AP Photo/Alexander Zemlianichenko, file) Russian rebellion A person walks along the shore of Lake Michigan as the downtown skyline is blanketed in haze from Canadian wildfires Tuesday, June 27, 2023, in Chicago. (AP Photo/Kiichiro Sato) Wildfire haze Washington News US public debt is projected to reach 181% of American economic activity in 30 years The Capitol is seen in Washington, Tuesday, June 27, 2023. Congress has adjourned for a two-week recess during the Independence Day observance. (AP Photo/J. Scott Applewhite) 1 of 2 | The Capitol is seen in Washington, Tuesday, June 27, 2023. Congress has adjourned for a two-week recess during the Independence Day observance. (AP Photo/J. Scott Applewhite) ASSOCIATED PRESS Read More President Joe Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post Office in Chicago. (AP Photo/Evan Vucci) 2 of 2 | President Joe Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post Office in Chicago. (AP Photo/Evan Vucci) ASSOCIATED PRESS Read More US public debt is projected to reach 181% of American economic activity in 30 years The Capitol is seen in Washington, Tuesday, June 27, 2023. Congress has adjourned for a two-week recess during the Independence Day observance. (AP Photo/J. Scott Applewhite) 1 of 2 | The Capitol is seen in Washington, Tuesday, June 27, 2023. Congress has adjourned for a two-week recess during the Independence Day observance. (AP Photo/J. Scott Applewhite) ASSOCIATED PRESS Read More 1 of 2 The Capitol is seen in Washington, Tuesday, June 27, 2023. Congress has adjourned for a two-week recess during the Independence Day observance. (AP Photo/J. Scott Applewhite) ASSOCIATED PRESS Share Share * Copy Link copied * Email * Facebook * Twitter * Print Read More President Joe Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post Office in Chicago. (AP Photo/Evan Vucci) 2 of 2 | President Joe Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post Office in Chicago. (AP Photo/Evan Vucci) ASSOCIATED PRESS Read More 2 of 2 President Joe Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post Office in Chicago. (AP Photo/Evan Vucci) ASSOCIATED PRESS Share Share * Copy Link copied * Email * Facebook * Twitter * Print Read More By FATIMA HUSSEIN Published [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] Share Share * Copy Link copied * Email * Facebook * Twitter * Print WASHINGTON (AP) -- The Congressional Budget Office is giving the world a concerning look at the U.S. government's ledgers: ever higher deficits, greater government spending and tax revenues that only begin to increase when existing tax cuts expire. The nonpartisan agency estimates in its latest 30-year outlook, released Wednesday, that publicly held debt will be equal to a record 181% of American economic activity by 2053. That compares with a projected 98% at the end of this budget year, a sign the government is getting more dependent on debt to pay for Social Security, Medicare, the military, infrastructure and an array of programs that benefit millions of households. The higher debt load is not all that shocking given the deficit spending of the past two decades. But the CBO figures do offer a bit of comfort in that annual deficits after 2042 are lower than forecasted in the agency's report from last year. This is because the primary borrowing and interest rate costs are lower than what the CBO model year showed then, meaning this fiscal crystal ball can improve as the numbers are refined. Other news Artwork on display is seen at the Psychedelic Science conference in the Colorado Convention Center Wednesday, June 21, 2023, in Denver. (AP Photo/David Zalubowski) Biden's brother says the president is 'very open-minded' about psychedelics for medical treatment President Joe Biden's youngest brother said in a radio interview that the president has been "very open-minded" in conversations the two have had about the benefits of psychedelics as a form of medical treatment. President Joe Biden speaks with members of the media before boarding Marine One on the South Lawn of the White House in Washington, Wednesday, June 28, 2023, for a short trip to Andrews Air Force Base, Md., and then on to Chicago. Biden has started using a continuous positive airway pressure, or CPAP, machine at night to help with sleep apnea, the White House said Wednesday after indents from the mask were visible on his face. (AP Photo/Andrew Harnik) President Biden has started using a CPAP machine at night to deal with sleep apnea The White House says President Joe Biden has started using a continuous positive airway pressure, or CPAP, machine at night to help with sleep apnea. FILE - Attorney General Merrick Garland speaks at a press conference to announce arrests and disruptions of the fentanyl precursor chemical supply chain, June 23, 2023 in Washington. The Justice Department has charged dozens of people in several healthcare fraud and prescription drug schemes, including a massive scheme totaling nearly $1.9 billion and a doctor accused of ordering leg braces for patients who had their limbs amputated, officials said Wednesday. (AP Photo/Kevin Wolf, File) Dozens in 16 states charged with health care fraud schemes, including $1.9B in bogus claims The Justice Department has charged dozens of people in several health care fraud and prescription drug schemes. FILE - The U.S. Flag flies at the Capitol in Washington, Feb. 6, 2023. The United States is about to start the countdown to its 250th anniversary. The buildup begins this July 4 at a Major League Baseball game between the Milwaukee Brewers and the Chicago Cubs at American Family Field in Milwaukee, where the organization created by Congress to oversee the party will kick off the planning process. (AP Photo/Mariam Zuhaib, File) Countdown to 250th anniversary begins in the US with planners hoping it can unify a divided country The United States is about to start the countdown to its 250th anniversary. The buildup begins this July 4 at a Major League Baseball game between the Milwaukee Brewers and the Chicago Cubs at American Family Field in Milwaukee, where the organization created by Congress to oversee the party will ki Yet there is a clear warning that lawmakers will be constrained as spending increases after 2026, driven largely by increased healthcare and Social Security costs tied to an aging population and a projected lower labor force participation rate of 60.3% in 2053, from 62.2% now. Revenues also are expected to increase after 2026. But that is due in large part to increased individual income tax receipts after the tax cuts under President Donald Trump are set to expire after 2025. The problem with the CBO forecast is that the White House wants to preserve some of those tax cuts and the GOP wants to make them largely permanent, so revenues could be lower than what the CBO anticipates. For 2023, the CBO projects that debt, measured as a percentage of the gross domestic product, this year will be 2 percentage points higher compared the estimate in last year's long-term budget impact report. Also this year, the report estimates the U.S. hitting a 4.7% unemployment rate, though the current jobless rate sits at 3.7%. On the same day as the report's release, President Joe Biden traveled to Chicago to deliver a speech about the nation's economic growth after the once-in-a-generation pandemic. "The U.S. has had the highest economic growth among the world's leading economies since the pandemic," Biden said. "We've added over 13 million jobs, more jobs in two years than any president has added in a four-year term," he said. While the risk of a fiscal crisis in the near term appears to be low, the report said another bout of persistently high inflation, for instance, could affect the government's long-term position. The nation's fiscal health became the focal point of debate during the latest round of debt ceiling negotiations. While Republicans called for a series of massive cuts as part of an agreement to lift the debt ceiling, the White House and Democrats said the debt should not be tied to the issue, threatening an unprecedented national default. Ultimately, the parties agreed to suspend the debt limit until 2025 in exchange for restrictions on spending for the next two years, imposing new work requirements for older adults receiving food aid and greenlighting a natural gas line that many Democrats oppose. ___ Associated Press writer Josh Boak in Chicago contributed to this report. [] The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. 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