Higher inflation and interest rates would increase deficits, but higher nominal GDP could restrain the debt-to-GDP ratio

Higher inflation and interest rates would increase deficits, but higher nominal GDP could restrain the debt-to-GDP ratio

Total Federal Deficits from 2024-2033 (Billions of Dollars)
Debt Held by the Public in 2033 (% of GDP)

Source: Congressional Budget OfficeEmbed Download image

Note: Data are from the Budget and Economic Outlook and the Workbook for How Changes in Economic Conditions Might Affect the Federal Budget.