Is the National Debt Projected to Be Greater This Year Than It Was Last Year?

Is the National Debt Projected to Be Greater This Year Than It Was Last Year?

Is the National Debt Projected to Be Greater This Year Than It Was Last Year?

The Congressional Budget Office projects the U.S. federal government to operate with a $426 billion budget deficit in 2015, causing the national debt to increase compared to its 2014 levels. The U.S. federal debt exceeded $18 trillion for the first time in 2015, reports Forbes.

As of March 2015, the CBO projected a $486 billion federal budget deficit for 2015. The office revised that figure downward to $426 billion in August 2015. Investopedia explains that the national debt continues to increase as long as the federal government operates at a deficit. Thus, although the CBO projects a lower budget deficit in 2015 than in 2014, the office still expects the national debt to increase given that projection.