International

The U.S. federal government debt is set to skyrocket over the next ten years, according to a Congressional Budget Office forecast published Tuesday.The debt held by the public is projected to rise to $31.4 trillion at the end of 2030 — an amount equal to 98% of GDP. That’s the highest since the end of World War II.The gap between spending and revenue will continue to widen under present policies to hit 180% of GDP by 2050, well above any prior record, the CBO said.This rising debt would dampen economic growth over time, as rising interest payments to foreign debt holders would reduce the income of U.S. households.