$20,180,000,000,000 Surge in US National Debt Incoming, Says CBO, As Billionaire Paul Tudor Jones Warns ‘Debt Bomb’ is Ticking

The Congressional Budget Office (CBO) projects that the US national debt will break the $50 trillion mark within the next decade.

In a recent report, the agency responsible for providing financial and economic data to the US Congress estimates that the country's national debt will reach $54.4 trillion by the end of 2034.

According to the US Treasury Department, the national debt currently stands at $34.22 trillion. The CBO's projection suggests an increase of $20.180 trillion in just 10 years.

The CBO's latest forecast comes as hedge fund billionaire Paul Tudor Jones warns that the US is approaching a "debt bomb" explosion.

In a CNBC interview, the legendary investor reportedly says that while the US economy appears to be working like a well-oiled machine, it is actually running "on steroids," per Fortune.

According to Jones, the US government is boosting consumption and economic activity through excessive borrowing and spending.

"We've got a 6% to 7% budget deficit. We're fast-pouring consumption like crazy."

Jones warns that it's only a matter of time before the economy collapses under the weight of the government's massive debt problem.

"The only question is ... when does that manifest itself in markets. It could be this year, it could be next year. Productivity may mask and it might be three or four years from now. But clearly, clearly we're on an unsustainable path."