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March 5, 2021
The Congressional Budget Office estimated Thursday that persistent budget deficits will cause the federal debt to double in size over the next 30 years.
Following the 2008 financial crisis and the pandemic, the government has depended heavily on borrowing and low interest rates to help an ailing economy. But as the economy is expected to heal, the CBO has forecasted that interest rates will rise and spending on programs such as Social Security and Medicare will increase.
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