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CBO: Federal debt to exceed 70 percent of economic output

The amount of federal debt held by the public is projected later this year to surpass 70 percent of the nation's annual economic output, the nonpartisan Congressional Budget Office said Tuesday in a report that spotlighted the stark choices policymakers face on taxation and government spending.

CBO: Government faces fiscal crisis over borrowing

In its mid-year long-term budget forecast, the Congressional Budget Office on Wednesday renewed its previous warnings that the government faces an increasing risk of a fiscal crisis due its ever-greater borrowing.

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