Published 2 years ago

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

Summary by Ground News

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.

0 Articles

All

Left

Center

Right

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.

2 years ago·United Kingdom

Read Full Article

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.

2 years ago·United States

Read Full Article

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.

2 years ago·Atlanta, United States

Read Full Article

The Washington Post

High inflation will persist into next year, CBO projects

The new report also showed the federal deficit falling this year as covid aid expired.

2 years ago

Read Full Article

KRDO

Congressional Budget Office says inflation to last into 2023

By FATIMA HUSSEIN Associated PressWASHINGTON (AP) — The Congressional Budget Office says that high inflation will persist into next year. This will likely cause the federal government to pay higher interest rates on its debt. The nonpartisan agency expects that the consumer price index will rise 6.1% this year and 3.1% in 2023. This forecast suggests that inflation will slow from current annual levels of 8.3%, yet it would still be dramatically …

2 years ago·Colorado Springs, United States

Read Full Article