“Earlier this month, the Congressional Budget Office published The 2016 Long-Term Budget Outlook, describing the agency’s projections of federal spending, revenues, deficits, and debt over the next 30 years. Yesterday we highlighted key factors underlying the projected growth in spending for Social Security and the major health care programs. Today we’ll focus on interest costs. The government’s net interest costs are projected to more than double as a share of the economy over the next decade—from 1.4 percent of GDP in 2016 to 3.0 percent by 2026. By 2046, if current laws governing taxes and spending generally did not change, those costs would reach 5.8 percent of GDP—increasing from 6 percent of federal spending to 21 percent over the next 30 years.”