The deficit of the Federal Government is projected to rise by 3 percentage points of GDP from 2015 to 2022, and remain at elevated levels thereafter.
Consequently, the upward trend of public debt would accelerate over the next decade, to 96.2 percent of GDP by 2028, nearly 20 percentage points above the level recorded last year.3 Notwithstanding the short-term boost of these measures to economic activity, their potential to accentuate vulnerabilities in both the US and the global economy is substantial.