Criminal Law Library Blog
In this report CBO responds to questions about the agency’s current view of economic growth and interest rates and the implications of that view for the federal budget—as well as about the implications of inflation for workers.
SUMMARY:
This letter responds to questions about the Congressional Budget Office’s current view of economic growth and interest rates and the implications of that view for the federal budget—as well as about the implications of inflation for workers.
In CBO’s current projections, real GDP grows by 1.5 percent in 2024 and by 2.2 percent in 2025, as measured in the fourth quarter of the year relative to the fourth quarter of the previous year. If economic growth in both 2024 and 2025 was 1 percentage point slower because of slower productivity growth, then the federal budget deficit from 2024 to 2033 would be about $690 billion larger.
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Established in 1974, The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government. It is charged with providing members of Congress objective analysis of budgeting and economic issues to support the congressional budget process. Each year, CBO economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation.