US Deficit Expected To Shatter $1,700,000,000,000 This Year – 13% Higher Than Previous Estimate: CBO - The Daily Hodl

The Daily Hodl
The Daily Hodl

18 Sep 2023 12:04 AM

The Congressional Budget Office (CBO) says it expects the US budget deficit to be $200 billion larger than previous estimates.  ...

  • The Congressional Budget Office (CBO) is revising its projections for the US budget deficit, stating it will be significantly higher than previous estimates.
  • The CBO now projects a deficit of $1.7 trillion in 2023, which is a 13% increase from their previous projections.
  • The deficit is expected to range between $1.6 trillion and $1.8 trillion after 2023, reaching $2.9 trillion in 2033.
  • CBO Director Phillip Swagel acknowledges the challenging situation, with the economy recovering but the deficit remaining wide.
  • Swagel suggests that while economic growth will help, policymakers need to make choices regarding spending or revenue to address the deficit.

The article highlights the concerning increase in the US budget deficit, indicating a challenging situation that requires policymakers to make choices. The sentiment is negative.

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What is the revised projection for the US budget deficit in 2023?How much larger is the projected deficit compared to the previous estimate?What is the expected range for the budget deficit after 2023?What does CBO Director Phillip Swagel suggest policymakers should do to address the deficit?How does Swagel describe the current state of the US economy?

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