With federal debt reaching levels of GDP not seen since the end of World War II, and the retirement of the baby-boomers escalating, the long-term budget outlook is “daunting,” the Congressional Budget Office said Wednesday.

With the average budget deficit equaling 37% of gross domestic product in the past four decades, the CBO expects by year-end “federal debt will reach roughly 70% of GDP, the highest percentage since shortly after World War II.”

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