Nation's Fiscal Health: Information on the Spending and Revenue Implications of Potential Debt Targets, Report to Congressional Requesters [open pdf - 300KB]
From the Highlights: "Even before the fiscal and economic effects resulting from COVID-19 [coronavirus disease 2019], an imbalance between federal revenue and spending that is built into current law and policy was contributing to the growing federal debt. The Congressional Budget Office projects that by 2023 federal debt held by the public will reach 107 percent of GDP [gross domestic product], its highest point in U.S. history. This situation--in which federal debt grows faster than GDP--means that our nation is on an unsustainable fiscal path. GAO [Government Accountability Office] was asked to review issues related to fiscal rules and targets and the federal fiscal condition. In response to this request, in September 2020, GAO issued a report (GAO-20-561) on key considerations for the design, implementation, and enforcement of fiscal rules and targets. This report supplements that work and describes how changes in assumptions of future spending and revenue affect the federal government's projected fiscal condition."
Government Accountability Office: https://www.gao.gov/