The budget outlook in the United States is “daunting” and the federal debt will reach about 70 percent of gross domestic product (GDP), the highest level since World War II, according to a report released by the U.S. Congressional Budget Office (CBO) Wednesday. “Recently, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945,” the CBO’s 2011 Long-Term Budget Outlook report said. “Consequently, the amount of federal debt held by the public has surged.” (more…)
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