The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers. And it's a picture of ever higher deficits, greater government spending and tax revenues that only begin to increase when existing tax cuts expire. The nonpartisan agency estimates in its latest 30-year outlook that publicly held debt will be equal to a record 181% of American economic activity by 2053. That compares with a projected 98% at the end of this budget year. It's a sign that the government is getting more dependent on debt to pay for Social Security, Medicare, the military, infrastructure and an array of programs that benefit millions of households.
