Rising interest rates will put increasing pressure on government finances and push interest payments to record levels in the coming decades, the Congressional Budget Office said Tuesday.
In its annual long-term budget report, CBO said an improving economy and rising levels of federal debt would push debt payments from 1.6% of the gross domestic product in 2018 to 3.1% in 2028 and 6.3% in 2048, which would be the highest level ever. At that point, interest payments would equal spending on Social Security.
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