According to the nation's budget scorekeeper, the United States is on track to add $19 trillion to the national debt over the next ten years if nothing is done to rein in spending. On Wednesday, the Congressional Budget Office issued a warning saying the current fiscal course needs to be corrected by either raising taxes or making spending cuts. “Over the long term, our projections suggest that changes in fiscal policy must be made to address the rising costs of interest and mitigate other adverse consequences of high and rising debt,” said the CBO Director Phillip Swagel. According to projections from the CBO, over the next decade the national debt will rise to unprecedented levels when comparing the national debt to the size of the economy.  By 2033, the public debt could possibly reach 118% of GDP which would be the highest in American history. In 2023, the government spent $1.4 trillion more than it raised in taxes and the CBO estimates that this budget shortfall will increase to $2 trillion per year with the rising costs of Social Security and Medicare. The report also suggested that the US Economy will likely grow at an extremely slow pace in 2023 with inflation on the rise and unemployment above 5%.  Much of the slowdown can be attributed to the Federal Reserve's decision to raise interest rates in an effort to curb inflation, making the cost to borrow money much more expensive. Republicans on Capitol Hill are calling for significant cuts in spending in the upcoming budget negotiations and debt ceiling debate.  House Speaker Kevin McCarthy (R-CA) has indicated his party will not vote to raise the debt ceiling until President Biden negotiates on spending cuts in the upcoming budget. “The warning is that the fiscal trajectory is unsustainable,” Swagel said in an interview with reporters.  He concluded by saying “It’s mathematically possible,” to bring the budget under control, but added that “it’s very, very challenging.”