The Congressional Budget Office forecasts U.S. debt held by the public could reach 77 percent of gross domestic product by 2023, Reuters reports.
David Lawder writes the CBO announced that prediction as it released its fiscal year 2013 analysis, which factors in the nearly $85 billion in automatic spending cuts under sequestration set to kick in March 1.
CBO predicts the deficit for fiscal 2013 will go down to $845 billion after four straight years of deficits more than $1 trillion, Reuters reports.
Deficits would be around $616 billion for fiscal 2014 and $430 billion for fiscal 2015 without more cuts or tax increases, CBO said, according to Reuters.
However, CBO predicts the deficit will come close to the $1 trillion mark by 2013 and the 10-year cumulative deficit to be around $6.96 trillion, Lawder writes