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Federal Debt to Hit 175% by 2056; Social Security Risks Cuts

2/21/2026

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Summary

Story summary

The Congressional Budget Office projects federal debt to reach 175% of GDP by 2056, requiring tax increases.
Social Security will account for 28% of non-interest spending by 2056, with the trust fund expected to deplete in the early 2030s.
Current taxpayers are repaying IOUs, yielding a projected $2.2 trillion shortfall by Social Security's depletion date.
If Congress does not intervene, Social Security benefits could be cut by about 28 percent.

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Story summary

The Congressional Budget Office projects federal debt to reach 175% of GDP by 2056, requiring tax increases.
Social Security will account for 28% of non-interest spending by 2056, with the trust fund expected to deplete in the early 2030s.
Current taxpayers are repaying IOUs, yielding a projected $2.2 trillion shortfall by Social Security's depletion date.
If Congress does not intervene, Social Security benefits could be cut by about 28 percent.