Using the attached Table: CBO's Baseline Projections of Federal Debt1. Compare the Actual 2021 and proiected 2022 columns, and provide at least 2 takeaways that can relate to fiscal policy.

Table 1-3. CBO'I Baeellne Projections of Federal Debt IBIIIons of Dollars I I I I I I I I I I I I I Actual 202 21.017 22.234 24.173 25.193 25.217 27.551 28.925 30.325 32.105 33.750 35.808 37.949 2022 2023 2024 2025 2025 2027 2023 2029 2030 2031 2032 Debt Held by the Public at the Beginning of the Year Changes in Debt Held by the Public Decit 2.775 1.036 964 1.056 1.315 1.364 1.409 1.725 1.651 1.912 2.067 2.253 Other means of nancing -1.506 653 36 -32 25 0 -6 54 4 136 74 10 Total 1.267 1.669 1.020 1.024 1.344 1.364 1.401 1.779 1.655 2.046 2.141 2.264 Debt Held by the Public at the End of the Year In billions of dollars 22.234 24.173 25.193 20.217 27.561 26.925 30.326 32.105 33.760 35.606 37.949 40.213 As a percentage of GDP 99.5 97.9 95.0 95.1 97.5 93.3 100.0 102.0 103.2 105.3 107.5 109.5 Memorandum: Federal Financial Assets 1.547 2.500 2.535 2.504 2.530 2.530 2.522 2.575 2.550 2.716 2.790 2.300 Debt Net of Financial Assets In billions of dollars 20.537 21.573 22.557 23.713 25.031 25.395 27.504 29.529 31.150 33.092 35.150 37.413 As a percentage of GDP 92.3 67.6 35.3 36.9 55.5 90.2 91.7 93.3 95.3 97.3 99.6 102.0 Federal Reserve Holdings of Debt Held by the Public 5.431 5.535 4.535 3.795 3.315 3.540 3.930 4.351 4.772 5.175 5.551 5.935 Debt Net of Financial Assets and Federal Reserve Holdings In billions of dollars 15.205 15.135 15.021 19.917 21.715 22.355 23.574 25.179 25.405 27.915 29.575 31.427 As a percentage of GDP 53.0 55.3 58.7 73.0 75.3 75.1 73.7 30.0 30.7 32.1 83.7 35.7 Gross Federal Debt 25.355 30.521 31.751 32.557 34.245 35.597 35.535 35.377 39.549 41.599 43.445 45.350 Debt Subject to Limit 25.401 30.537 31.777 32.903 34.251 35.614 35.552 35.394 39.555 41.517 43.454 45.370 Average Interest Rate on Debt Held b the Public (Percent 1.3 1.9 2.0 2.2 2.4 2.5 2.7 2.0 2.9 3.0 3.1 3.1 Back to Table of Contents