The national debt of the United States has reached a record high of $34.75 trillion, following a significant increase of $69.41 billion in just one day, as reported by the U.S. Treasury’s Debt to the Penny database.

A new study from the Congressional Budget Office (CBO) forecasts that the total outstanding public debt will hit $50.7 trillion by the end of 2034. The report also projects that the debt will surpass 109% of GDP in 2028, a figure higher than at any other time in the nation’s history. Furthermore, the CBO anticipates that the debt will continue to rise, reaching 122% of GDP by the end of 2034, which is 25 percentage points more than it was in 2023 and two and a half times the average percentage over the last 50 years.

These new projections are notably higher than those made just four months ago when the agency estimated the debt to reach $48.3 trillion by 2034, equivalent to 116% of GDP.

The CBO also predicts that the rate of inflation will decrease for the remainder of this year and next year. They project that inflation will slow down throughout 2024 and 2025, reaching the Federal Reserve’s target of 2 percent by 2026 and stabilizing thereafter. In response to this inflation slowdown, the Federal Reserve is expected to begin reducing the federal funds rate in early 2025.

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