America on its way to $30 trillion debt by 2028

The mounting US debt is likely to grow by another $10 trillion in the next decade, according to estimates contained in the recent budget proposal.

According to the White House Office of Management and Budget, the national debt will hit $29.9 trillion by 2028. The deficit will be equal to 101 percent of America's GDP, the Watchdog Committee for a Responsible Federal Budget forecasts. The country's current debt stands at a record $20.6 trillion - its highest level since shortly after World War II.

If current laws stand, widening budget deficits will increase that debt sharply over the next 30 years, with the deficit reaching 150 percent of GDP in 2047, the Congressional Budget Office (CBO) predicted last year.

Under the new budget, President Donald Trump is requesting a record $686 billion for the Pentagon - a 13-percent increase compared to the 2017 budget.

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