Projected deficits added substantial burdens to an already indebted nation which accrued a public debt of $71B or about 70% of Puerto Rico's gross domestic product. This sparked an ongoing government-debt crisis after Puerto Rico's general obligation bonds were downgraded to speculative non-investment grade ("junk status") by three credit-rating agencies. In terms of financial control, almost 9.6%—or about $1.5 billion—of Puerto Rico's central government budget expenses for FY2014 is expected to be spent on debt service. Harsher budget cuts are expected as Puerto Rico must now repay larger chunks of debts in the coming years.