Budget office: U.S. debt picture has 'worsened dramatically'

http://www.washingtonexaminer.com/budget-office-u.s.-debt-picture-has-worsened-dramatically/article/2566337

Are we doomed? We lets put it this way, it’s getting harder and harder to see how this will have a good ending. A debt crisis leading to “25 year depression” might not even be the worst case scenario at this point.

Congress' budget office again warned that the U.S. faces a massive debt problem Tuesday, using stark language to describe the government's long-term mismatch between spending and revenues even as it slightly upgraded its projections for debt over the next 25 years.

"The long-term outlook for the federal budget has worsened dramatically over the past several years, in the wake of the 2007-2009 recession and slow recovery," the Congressional Budget Office reported in its long-term budget outlook for 2015 released Tuesday.
The Budget Office, a nonpartisan in-house think tank for Congress, projected that the federal debt is set to rise from 74 percent of economic output today to 103 percent by 2040, driven by spending on government healthcare and retirement programs and interest payments on the debt.