The Congressional Budget Office in The US
As a nonpartisan agency in the United States, the CBO provides Congress with reliable analysis of economic and budgetary issues. The CBO has several primary responsibilities, specifically: budget analysis, economic analysis, budgetary projections, and Policy Evaluation.
Budget and Economic Outlook for 2024-2034 Report
In a press briefing, CBO Director Phillip Swagel unveiled the agency’s budget and economic outlook report for the years 2024 to 2034, highlighting projected fiscal challenges and economic trends in the United States.
Director Swagel outlined budget projections, noting an alarming increase in the federal deficit from $1.6 trillion in 2024 to $2.6 trillion by 2034. He identified net interest costs as a significant factor contributing to the deficit’s growth.
Impact of Legislative Actions on Budget Outlook
Swagel credited the Fiscal Responsibility Act of 2023 and continuing resolutions with reducing the growth of discretionary spending, which, along with their effect on debt service, are projected to reduce deficits by $2.6 trillion over the next decade.
US Economic Outlook
Swagel reported that despite faster economic growth in 2023, he projected slower growth in 2024 amid increased unemployment and lower inflation, with the Federal Reserve expected to respond by reducing interest rates.
Issues surrounding the US Economy
Swagel discussed the pressing issues surrounding the U.S. economy, including the burgeoning national debt, deficit projections, and the role of IRS tax enforcement in shaping future revenue collections on CNBC’s ‘Squawk Box.’
The CBO director emphasized the need for comprehensive policy solutions to address the dual challenges of managing debt and fostering economic growth in the future.
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