CBO: Obama to Push Public Debt above $20 Trillion by 2021

By Matt Cover

(CNSNews.com) – The Congressional Budget Office (CBO) says that President Barack Obama’s 2012 budget will cause large and persistent yearly deficits that will push the public debt to $20.8 trillion by 2021.
“Federal debt held by the public would double under the President’s budget, growing from $10.4 trillion (69 percent of GDP) at the end of 2011 to $20.8 trillion (87 percent of GDP) at the end of 2021,” the CBO said in its March 18 analysis of Obama’s 2012 budget.

This means that the debt incurred as a result of Obama’s planned decade of deficit spending would be worth 87 percent of the value of all the goods and services produced by the economy, the Gross Domestic Product (GDP).

This figure, known as the debt-to-GDP ratio, is used to illustrate the size of a country’s debt relative to its economy in order to show how stable a country’s finances are.

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