The nation's federal debt is now projected to balloon to "unprecedented levels" over the next 30 years, if policymakers fail to change laws, potentially pushing the country into the risk of a "fiscal crisis," the nonpartisan Congressional Budget Office said in a new report Tuesday . Federal debt is expected to rise from 78% of GDP in 2019 to 92% percent in 2029 and 144% in 2049, the most ever in history, the CBO said. "That level of debt would be the highest in the nation's history by far, and it would be on track to increase more," said the agency. Deficits have climbed following two major fiscal stimulus measures under the Trump administration, including a $1.5 trillion tax cut and a massive spending bill. Congress is now negotiating a new deal to replace the budget, which expires on October 1.

Guy gets reaction from Brian Riedl of the Manhattan Institute for Policy and Research

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