New projections by CBO show that high deficits against GDP will become the norm going forward. This instead of getting better, I think will look worse each year. There is no desire in US Congress to change this.
Interest payments will reach almost 4% of GDP by 2034.
Deficits this high were not common before outside of recessions.
Federal debt held by the public increases each year in CBO’s projections, swelling to an all-time record of 116 percent of GDP in 2034. In the two decades that follow, growing deficits cause debt to soar to 172 percent of GDP by 2054
They are not projecting any recession during this period. So 1 can imagine how deficits could look like now inside a recession.
Their projections are usually not accurate too, in 2023 there were forecasting a deficit of -1,394T, and it ended up being -1,684.