Reported 8 months ago
The Congressional Budget Office (CBO) increased its projection for the 2024 US budget deficit by 27% to almost $2 trillion, attributing it to additional spending, including aid for Ukraine and student-loan relief measures. The deficit is estimated to reach $1.92 trillion in 2024, up from $1.69 trillion in 2023. The CBO also predicts faster growth, higher inflation, and escalating interest costs, with total deficits potentially exceeding 5.5% of GDP until 2034.
Source: YAHOO