MW: U.S. debt to top 70% of GDP by end of 2012: CBO
By Robert Schroeder
WASHINGTON (MarketWatch) -- The U.S. federal debt will exceed 70% of gross domestic product by the end of 2012 -- the highest percentage since shortly after World War II -- the Congressional Budget Office said Tuesday in a new long-term budget outlook. The CBO also said that if current laws stay in place, spending on federal health-care programs would grow to nearly 10% of GDP in 2037 from more than 5% now. Under one scenario considered by the CBO, the debt would reach almost 200% of GDP in 2037.
