National debt to hit record high in 2029

COLUMBIA, S.C. (CNN)—America’s debt will climb to a record high toward the end of the decade that’s according to the Non -Partisan Congressional Budget Office (CBO).

According to the CBO, U.S. public debt will climb from 98% of gross domestic product at the end of this year to 107% of GDP in 2029.

The spike is expected despite the debt limit deal congressional lawmakers reached this year to chip away at the federal deficit.

The CBO previously said the bipartisan debt ceiling deal was expected to reduce federal deficits by $1.5 trillion over the next 10 years.

The non-profit group Committee for a Responsible Federal Budget believes the debt will be about $36 trillion in 2029.

Right now it’s $25.4 trillion.