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Report: Federal debt lower in 2022; still poised to climb
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President Joe Biden takes off his mask as he starts to speak in the Rose Garden of the White House in Washington, Wednesday, July 27, 2022. Biden was returning to working in the Oval Office after recovering from COVID-19. - photo by AP Photo/Susan Walsh
The Congressional Budget Office said Wednesday that the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast. But the non-partisan office also includes a warning in its 30-year outlook about how debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy. The estimates show the complex politics beneath government finances.