WASHINGTON, June 30 (UPI) -- The Congressional Budget Office in Washington said government debt would rise to 62 percent of the gross domestic output by the end of the year.
As a percentage, the federal debt is projected to be the highest in relation to the GDP it has been since shortly following World War II. Two years ago, in 2008, government debt equaled 40 percent of the GDP, slightly higher than the long-term average of 36 percent, the CBO said Wednesday in its Budget Outlook update.
In addition, the budget office said healthcare and Social Security costs would make up 16 percent of the gross domestic product in 25 years "if laws are not changed."
By comparison, the CBO said, excluding interest payments on debt, federal spending over the past 40 years has averaged 18.5 percent of the GDP on all of its programs combined.
The largest jump as a percentage of the GDP is healthcare costs, which are expected to double from 5 percent of GDP to 10 percent by 2030, the report said.
