Budget Office report credits immigration and spending deals with improved outlook despite huge debt

The nonpartisan Congressional Budget Office says it expects the federal government will be awash in debt over the next 30 years. But the office's outlook has improved over the past year due to increased immigration and agreements to reduce spending. The latest long-term budget and economic outlook from the office was released Wednesday. The office projects publicly held debt to reach 166% of gross domestic product in 2054. That’s down from the office’s June 2023 long-term budget projection that publicly held debt would be equal to a record 181% of American economic activity by 2053.