Includes "... If lawmakers ignore fiscal responsibility as they have been recently, debt will rise much more rapidly. In our paper we estimated an Alternative Fiscal Scenario (AFS) based on past assumptions CBO has used. ,,, under the AFS, debt will rise continuously every year from about 74 percent of GDP today to 78 percent by 2020 and 85 percent by 2025. Earlier this year, CBO estimated that this level of debt growth could shrink the economy by as much as 7 percent by 2040 compared to the baseline. On the other hand, responsible actions and a relatively strict adherence to actual current law (read more here) could put the debt on a much more favorable path..."
Read the full article on: Committee for a Responsible Federal Budget