CBO Issues Dire Debt Warning of 'Fiscal Crisis'

New figures by the Congressional Budget Office released on Monday reveal that over the next 10 years the U.S. debt-to-GDP ratio will double to 78%.

Over the last four decades America's average debt-to-GDP ratio was 39%. At the end of 2007, federal debt was just 35% of GDP.

The CBO report says gross federal debt will soar from $17.7 trillion to $27 trillion over the next ten years.

CBO warned of the dire consequences the nation's debt will have if gone unchecked.

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