The U.S. government is on track to pay creditors as much as retirees in three decades amid growing public debt and rising interest rates, the Congressional Budget Office said Tuesday.
The CBO projects net interest payments will exceed discretionary spending by 2045 and by 2048 match Social-Security outlays of 6.3 percent of gross domestic product. Social Security is currently the country’s largest federal program, the office, a nonpartisan arm of Congress, said in its annual Long-Term Budget Outlook report.