US debt will spike to record high by 2029, despite debt ceiling deal

America’s mountain of debt is poised to climb to new heights later this decade even after Republicans and Democrats reached a deal to chip away at the federal deficit. U.S. debt held by the public will climb to a record high of 107% of the gross domestic product in 2029, the nonpartisan Congressional Budget Office projected on Wednesday. That’s up from 98% of GDP at the end of this year. In other words, the amount of money the United States owes will significantly exceed the size of its economy.