The Congressional Budget Office has released this year's long-term budget outlook, which shows that if the nation's spending habits and balance sheet remain unchanged, total U.S. debt will exceed 100 percent of GDP by 2040.

In a development that should surprise few, Social Security obligations are a primary culprit in the country's bleak debt outlook.

That ballooning debt trajectory is in spite of this year's reduced annual deficit, which the CBO projects to be 2.7 percent of GDP, down from 2009's peak deficit spending of 10 percent of the economy.

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