Glenn Grothman Questions CBO Director on National Debt and Borrowing

National Debt Figures

• 🎯 The national debt is nearly 100% of GDP, projected to be over $30 trillion by the end of the year.
• 💡 The gross debt, which includes intragovernmental debt like the Social Security trust fund, is approximately $37 trillion.
• 📈 The debt held by the public has increased by about $2 trillion from $28.2 trillion to $30.1 trillion.

Annual Borrowing and Deficit

• 💰 The annual deficit is projected to be just under 6% of GDP.
• 📊 Approximately $1.8 trillion is borrowed annually, which represents about 26% of the total spending.
• 🔍 The CBO tracks the composition and duration of the debt, with the current debt duration being just under seven years.

Programmatic Changes and Tax Expenditures

• ✅ The enhanced premium tax credits from the ACA are ending, estimated to save about $350 billion over 10 years if not extended.
• ⚠️ A continuous coverage provision for Medicaid, enacted in 2020, also ended after the pandemic.
• 🧾 Tax expenditures, such as the low-income tax credit and new market tax credits, are accounted for under revenues as they are spending facilitated through the tax code.
• 🧐 The CBO Director has been in his role since June 2019, serving for over six years.