Photo: Thomas Trutschel/Getty Images

Large budget deficits would see the U.S. federal debt swell to "unprecedented levels" over the next 30 years if current laws remain unchanged, the Congressional Budget Office said as it released a new report Tuesday.

By the numbers: The CBO forecasts federal debt to rise from 78% of gross domestic product (GDP) in 2019 to 92% in 2029 and 144% in 2049.

"That level of debt would be the highest in the nation’s history by far, and it would be on track to increase even more. The prospect of such high and rising debt poses substantial risks for the nation, and presents policymakers with significant challenges."
— CBO report

The big picture: Agency director Phillip Swagel said in a statement the prospect of such large deficits over many years, and the high and rising debt that would result, "poses substantial risks for the nation and presents policymakers with significant challenges."

Go deeper: National debt surpasses $22 trillion

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General Motors tries to revive incendiary lawsuit vs. Fiat Chrysler

Illustration: Eniola Odetunde/Axios

General Motors is trying to revive an incendiary lawsuit against Fiat Chrysler Automobiles with explosive new allegations including bribes paid from secret offshore bank accounts and a union official acting as a double agent between the two automotive giants.

Why it matters: The extraordinary legal battle is occurring amid earth-shaking changes in the global auto industry that threaten to turn both litigants into dinosaurs if they aren't nimble enough to pivot to a future where transportation is a service, cars run on electrons and a robot handles the driving.

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Gov. Cuomo on July 23 in New York City. Photo: Jeenah Moon/Getty Images

New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.

Appeals court allows House Democrats to continue lawsuit for Don McGahn testimony

Don McGahn in an October 2018 Cabinet meeting. Photo: Chip Somodevilla/Getty Images

A D.C. appeals court on Friday allowed House Democrats to continue their case for testimony from former White House counsel Don McGahn before the House Judiciary Committee.

Why it matters: The ruling has broader implications beyond this specific instance, agreeing that Congress has the standing to sue to enforce subpoenas against executive branch officials even if the White House refuses to comply.