2023 Budget and Economic Outlook
2023-02-15T18:21:24-05:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvYWQwXC8wMDJcLzE2NzY1MDM2NTNfMDAyLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19Congressional Budget Office (CBO) Director Phillip Swagel discussed the current budget and economic outlook. He reported the U.S. could default on its debt between July and September unless the debt limit is raised. He further reported the CBO’s forecast for 2023 was stagnant output, rising unemployment, and gradually slowing inflation. In regard to the next 10 years, he said the deficit is projected to grow to 6.9 percent of gross domestic product (GDP) in 2033, which he remarked was “significantly larger than the 3.6 percent of GDP that deficits have averaged over the past 50 years.” Director Swagel added the growth of interest costs and spending currently outpaces revenue and the economy, thereby driving up debt. The CBO is a nonpartisan federal agency that provides cost estimates to Congress for proposed legislation.
Congressional Budget Office (CBO) Director Phillip Swagel discussed the current budget and economic outlook. He reported the U.S. could defa… read more
Congressional Budget Office (CBO) Director Phillip Swagel discussed the current budget and economic outlook. He reported the U.S. could default on its debt between July and September unless the debt limit is raised. He further reported the CBO’s forecast for 2023 was stagnant output, rising unemployment, and gradually slowing inflation. In regard to the next 10 years, he said the deficit is projected to grow to 6.9 percent of gross domestic product (GDP) in 2033, which he remarked was “significantly larger than the 3.6 percent of GDP that deficits have averaged over the past 50 years.” Director Swagel added the growth of interest costs and spending currently outpaces revenue and the economy, thereby driving up debt. The CBO is a nonpartisan federal agency that provides cost estimates to Congress for proposed legislation. close
Resources
- CBO Statement on Federal Debt Limit
Congressional Budget Office
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