Congressional Budget Office warns national debt could hit 'unprecedented levels' as deficit soars under GOP

The nonpartisan Congressional Budget Office released a new report Tuesday warning that the federal debt could reach "unprecedented levels," sparking what it frames as a "fiscal crisis" unless laws are changed to change the nation's current direction.

The federal debt, which currently sits at 78% of gross domestic product (GDP), will rise to 92% of GDP by 2019, hitting 144% of GDP by 2049.

Deficits have soared under the leadership of Donald Trump and Republicans, partly due to their massive tax cut for millionaires and billionaires and last year's $1.3 trillion spending bill.

"The prospect of such large deficits over many years, and the high rising debt that would result, poses substantial risks for the nation and presents policymakers with significant challenges," the CBO said in the report.

Not exactly barn-burner language, but you get the idea. We're in a heap of trouble, and the party of supposed fiscal responsibility spent the past several years dousing that slow-burning fire with gasoline.