Report warns U.S. national debt predicted to pass $53 trillion by 2035

Report warns U.S. national debt predicted to pass $53 trillion by 2035

By fiscal year 2035, the national debt is set to surpass $53 trillion, or 120% of the nation’s Gross Domestic Product, according to a new estimate by the Committee for a Responsible Federal Budget.

The updated number – which CRFB reached by assuming that all current trade deals and tariffs remain in effect – is $1 trillion more than projected in the Congressional Budget Office’s January 2025 Budget and Economic Outlook.

Yearly interest payments on the national debt will rise as well, climbing from nearly $1 trillion in 2025 to $1.8 trillion in 2035, a total increase of $14 trillion over the next decade. The national debt recently topped $37 trillion, as reported by The Center Square.

“The nation’s finances have deteriorated since CBO’s January 2025 budget outlook, which already showed a worrisome fiscal outlook,” CRFB stated. “[W]ith debt approaching record levels, lawmakers should proactively pursue trust fund solutions and enact a combination of revenue and spending options that put the nation’s budget on a sustainable path.”

CRFB’s report also estimates the yearly deficits will total $22.7 trillion over the next ten years – $1 trillion higher than CBO’s January estimate – rising from $1.7 trillion in 2025 to $2.6 trillion in 2035, nearly 6% of GDP.

Net government spending during that timeframe will total at least $88 trillion, partially offset by $65 trillion in revenue if current trade policy remains in place. This amounts to a net cost of $23 trillion.

CRFB says the high cost of Republicans’ “One Big Beautiful Bill Act” is partially to blame for the alarming numbers. The massive budget reconciliation bill, signed into law by President Donald Trump in July, will cost an estimated net $4.1 trillion over the next decade, mostly due to the permanent extension of most tax cuts in the 2017 Tax Cuts and Jobs Act.

Those include the boosted maximum standard deduction and cross-bracket tax cuts, the 20% Qualified Business Income deduction, and the $2,000 maximum Child Tax Credit. The bill also implemented costly temporary tax provisions, including a $6,000 deduction for eligible seniors and deductions on tips and overtime pay.

CBO has estimated that the average American household will see their resources increase because of the tax cuts, though the gains vary across income distribution. Another analysis, touted by the White House, estimates that the average taxpayer will receive a $3,752 tax cut in 2026, though the median 2026 tax cut is likely to be much lower than that.

Republicans are reportedly planning to craft a second budget reconciliation bill to implement even more of Trump’s presidential agenda. CBO and CRFB have both urged lawmakers to focus solely on implementing deficit-decreasing measures in future budget bills.

Leave a Comment





Latest News Stories

Clark County Logo

Clark County Residents Challenge Solar Developers on Farmland, Finances, and Future

A public hearing on two proposed solar energy projects became a forum for resident anxieties on Tuesday, June 10, as citizens pressed developers about the long-term impact on prime farmland,...
Rich Schelsky of Rockville, IN, smiles after sinking the winning putt in a playoff to capture his first Casey Open title on Sunday. Schelsky shot a 68.

Schelsky Wins 75th Casey Open in Playoff Thriller

Rich Schelsky of Rockville, IN, smiles after sinking the winning putt in a playoff to capture his first Casey Open title on Sunday. Schelsky shot a...
Meeting Briefs

Casey-Westfield Meeting Summary: Board Saves on Insurance, Approves Major Purchases

The Casey-Westfield CUSD C-4 Board of Education made several significant financial decisions at its June 23, 2025, meeting, including approving a new insurance package that will save over $52,000 and...
Casey Westfield School Board.3

Casey-Westfield School Board Adopts Amended Budget, Locks in Fuel Prices

The Casey-Westfield CUSD C-4 Board of Education formally adopted its amended budget for the 2025 fiscal year following a brief public hearing where no comments were offered. The hearing was...
Residents Enjoy Matt Poss.7

Matt Poss Band Delights Crowd in Casey’s Central Park

The heart of Casey was alive with the sound of southern rock and country music last night, as residents gathered in Central Park for a live performance by the Matt...
Mary-Boyd-Hippler-1753436721

Mary Elizabeth “Betty” (Mills) Boyd Hippler

Mary Elizabeth “Betty” (Mills) Boyd Hippler, age 72, of Casey, IL, passed away on Wednesday, July 23, 2025—dancing with friends in Arthur, IL. Betty was born on February 13, 1953,...
Casey Westfield School Board.2

Board Approves Over $74,000 in Facility Upgrades, Equipment

The Casey-Westfield CUSD C-4 Board of Education approved a series of proposals Monday totaling over $74,000 for concrete repairs, new kitchen equipment, and HVAC upgrades across multiple district buildings. The...
Casey Westfield School Board.1

School District Buys Tractor to Curb Outsourcing Costs, Projects Future Savings

The Casey-Westfield school district is investing in its own maintenance capabilities with the purchase of a compact tractor, a move officials say will reduce costly rentals and contractor fees for...
Casey Westfield School Board.2

Casey-Westfield School District to Save Over $52,000 on Insurance Premiums

The Casey-Westfield CUSD C-4 Board of Education approved a new insurance package for the 2025-2026 fiscal year that will save the district more than $52,000 compared to the current year's...
Casey City Council 07.21.25

Casey Proposes Electric Rate Hike to Stave Off Deficits; Gas Rates Next Under Review

Casey residents may soon see an increase in their electricity bills as the City Council considers raising rates for the first time in years to combat significant financial losses in...
Casey City Council 07.21.25

Casey’s Proposed Budget Jumps 53% to $31 Million, Driven by Grant Opportunities

The Casey City Council has moved forward with a proposed fiscal year 2026 appropriations ordinance totaling over $31.1 million, a staggering 53.5% increase from the previous year. City officials, however,...
Meeting Briefs

Meeting Briefs: Casey City Council for July 21, 2025

Police Department to Upgrade Radios: The City Council unanimously approved the purchase of 10 new portable radios for the police department at a cost of $13,355 from Commercial Radio. Police Chief...
Patrick-Simpson-1752666343

Patrick Randel Simpson

Patrick Randel Simpson Jr, 67, of Casey, Illinois, passed peacefully on July 14, 2025, surrounded by loved ones. Born on July 25, 1957, in Terre Haute, Indiana, Pat was the...
Roy-Hock-1752681748

Roy Lee Hock

Roy Lee Hock, age 68, of Casey, IL, passed away at 11 p.m. on Saturday, July 12, 2025, at Twin Lakes Extended Care Facility in Paris, IL. He was born...
The Casey Rotary Club toured the Rock Shop on Main Street in downtown Casey on Tuesday, following a presentation by owner Jeff Winnett at Tuesday’s Rotary Club meeting at Richards Farm. Pictured (l to r) in front of the World’s Largest Jigsaw Puzzle are Chris Snedeker, Jay Marwell, Teresa Winnett, Jeff Winnett, Marcy Mumford, Megan Peavler, Sharon Durham, Kurt Squires, Tom Daughhetee, and Brian Hancock.

Casey Rotary Club Meeting Held

The Casey Rotary Club toured the Rock Shop on Main Street in downtown Casey on Tuesday, following a presentation by owner Jeff Winnett at Tuesday’s Rotary...