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US CBO forecasts slightly smaller $1 5 trillion deficit for 2024
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U S CBO forecasts slightly smaller $1 5 trillion deficit for 2024
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The U.S. Congressional
Budget Office on Wednesday projected a slightly smaller $1.507
trillion federal deficit for fiscal 2024 as increased revenues
from a strong economy and employment offsets higher. -February 07, 2024 at 02:00 pm EST
- MarketScreener
WASHINGTON (Reuters) -The U.S. Congressional Budget Office on Wednesday projected a slightly smaller $1.507 trillion federal deficit for fiscal 2024 as increased revenues from stronger growth and employment offset higher costs for clean energy tax credits and public debt interest. The CBO said the deficit would dip this year from $1.695 trillion in fiscal 2023, but resume its march upward to $1.772 trillion in fiscal 2025, hitting $2.579 trillion in fiscal 2034. The figures are based on current tax and spending laws and assume that individual tax cuts passed by Republicans in 2017 expire at the end of 2025, pushing revenues higher in later years.