The US will be ‘drowning in debt’ over the next 30 years as interest costs rise

• The government could be drowning debt over the next few decades, Renaissance Macro said in a recent research report.
• The debt-to-GDP ratio could nearly double to 181% by 2053, per Congressional Budget Office projections.
• “Rising debt + rising interest costs – debt servicing cost disaster,” the research firm said.

The US government could be submerged in debt over the next few decades — something that could lead to a disaster for markets and the economy, according to Renaissance Macro Research.

The research firm pointed to a recent projection from the Congressional Budget Office, which predicted the ratio of federal debt-to-GDP would nearly double from 98% in 2023 to 181% in 2053. In an alternative scenario drafted by the Committee for a Responsible Federal Budget, the debt-to-GDP ratio could soar even higher, notching 222% of GDP by 2053.