U.S. deficit will skyrocket after shrinking to $1T this year, CBO predicts

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US budget deficit could shrink to $1 trillion this year from $2.8 trillion last year. Congressional Budget Office says spending on Covid-19 aid slows and economy rebounds. COVID-19: Coronavirus Coverage Resources Best of Hawaii: Best ofHawaii.com.

1 month ago·Washington, United States

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Reuters

CBO sees sharp reduction in FY 2022 deficit, but slowing economy to boost debt

The U.S. budget deficit will shrink dramatically to $1.036 trillion for fiscal 2022 from $2.775 trillion last year as a strong recovery prompts a surge in revenues and lower outlays, but slowing growth will start to reverse the trend, the Congressional Budget Office said on Wednesday.

1 month ago·United Kingdom

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CNN

Federal budget deficit could shrink to $1 trillion this year, CBO says

The US budget deficit could shrink to $1 trillion this year from $2.8 trillion last year as federal spending on Covid-19 aid slows and the economy rebounds, the nonpartisan Congressional Budget Office said Wednesday.

1 month ago·Atlanta, United States

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Associated Press News

Congressional Budget Office says inflation to last into 2023

WASHINGTON (AP) — The Congressional Budget Office released an economic outlook Wednesday saying high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt.

1 month ago·United States

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CNBC

CBO boosts U.S. GDP growth estimates, says inflation has topped and will cool to 2% by 2024

A report released by the Congressional Budget Office on Wednesday estimates that real gross domestic product, or GDP, will advance 3.1% in 2022.

1 month ago·United States

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New York Times

The U.S. budget deficit is projected to fall to $1 trillion in 2022.

The Congressional Budget Office provided an update on the path for deficits at a moment when the Federal Reserve is trying to cool the economy to tame rapid inflation.

1 month ago·New York, United States

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