In its new “Budget and Economic Outlook: 2023 to 2033” report, the Congressional Budget Office (CBO) projects a $1.4 trillion 2023 federal deficit. This is $0.4 trillion more than its May 2022 projection for 2023. What’s changed? Newly enacted legislation and economic factors, including inflation and rising interest rates, have affected the CBO’s projection models. Although the CBO expects economic pressures to ease in 2023, it forecasts a cumulative deficit of $3.1 trillion over the 2023 to 2032 period. As for the debt limit, the CBO says the U.S. Treasury will run out of cash sometime between July and September 2023 if Congress doesn’t act. Read the report: https://bit.ly/3SjoKTw
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