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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

8 mins ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.

The week markets went wild

Illustration: Lazaro Gamio

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.