The Congressional Budget Office (CBO) has published an update to its economic forecast. According to the CBO, President Trump’s tariffs, the tax provisions of the One Big Beautiful Bill Act (OBBBA) and lower net immigration are likely to have competing effects on the economy. For 2025, the growth of real gross domestic product is 0.5 percentage points lower in the CBO’s current projections than it was in its Jan. 2025 projections. The CBO said this is primarily because “the negative effects on output stemming from new tariffs and lower net immigration more than offset the positive effects of provisions of (the OBBBA) this year.” Read the CBO’s report: https://bit.ly/46l0ZCa
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