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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

Go deeper

4 hours ago - Politics & Policy

Inhofe loudly sets Trump straight on defense bill

Sen. Jim Inhofe speaks with reporters in the Capitol last month. Photo: Samuel Corum/Getty Images

Senator Jim Inhofe told President Trump today he'll likely fail to get two big wishes in pending defense spending legislation, bellowing into his cellphone: "This is the only chance to get our bill passed," a source who overheard part of their conversation tells Axios.

Why it matters: Republicans are ready to test whether Trump's threats of vetoing the bill, which has passed every year for more than half a century, are empty.

Conspiracy theories blow back on Trump's White House

Sidney Powell. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

President Trump has rarely met a conspiracy theory he doesn't like, but he and other Republicans now worry the wild tales told by lawyers Sidney Powell and Lin Wood may cost them in Georgia's Senate special elections.

Why it matters: The two are telling Georgians not to vote for Republicans David Perdue and Kelly Loeffler because of a bizarre, baseless and potentially self-defeating theory: It's not worth voting because the Chinese Communist Party has rigged the voting machines.

4 hours ago - Politics & Policy

Bolton lauds Barr for standing up to Trump

John Bolton. Photo: Jabin Botsford/The Washington Post via Getty Images

John Bolton says Attorney General Bill Barr has done more to undercut President Trump's baseless assertions about Democrats stealing the election than most Senate Republicans by saying publicly that the Justice Department has yet to see widespread fraud that could change the election's outcome.

What he's saying: “He stood up and did the right thing," Bolton said in a Wednesday phone interview.