Government debt and budget deficits are both set to spiral higher in the coming three decades if current patterns hold, according to new projections released Thursday by the Congressional Budget Office.

The report warns that the rising debt and deficits risk another crisis.

"The prospect of such large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges," it said.

Due largely to increases in Medicare and Social Security costs, the federal debt will reach 150 percent of gross domestic product in 2047, the CBO report said.

The total current debt held by the public of $14.3 trillion is 77 percent of GDP. The current total debt level of $18.8 trillion is about 101 percent of GDP (the CBO computes debt to GDP based on public debt). The debt-to-GDP ratio would rise to 89 percent in 2027, according to current projections.