This chart is percent of GDP as it exists today.
Report written by Reuters and cited by The Huffington Post. The chart was generated by the CBO. We are not in a hopeless scenario if the decisions regarding the elections of 2012 guaranteed the Bush Tax Cuts expire and the current cuts to military spending and domestic spending are maintained.
This chart is without the benefit of The Buffet Rule. It is based on the world as we know it today.
By David Lawder
WASHINGTON, June 5 (Reuters) - U.S. public debt would balloon (click title to entry - thank you) to twice the size of its economy in 25 years if current tax and spending policies are extended, Congress' budget referee said on Tuesday, delivering fresh fodder for a year-end budget brawl.
The Congressional Budget Office said in a new report that if tax cuts enacted under George W. Bush are allowed to expire as scheduled on Dec. 31, along with some other tax and spending policies, U.S. public debt would shrink significantly, falling to 53 percent of gross docmestic product by 2037 from 73 percent this year....
