Congressional Budget Office (CBO), “Update on the Budget and Economic Outlook: 2024-2034” report has been published. In the report, it is estimated that the federal budget deficit will be 1.9 trillion dollars in the fiscal year 2024. According to the CBO report, the expectation for the budget deficit is about 400 billion dollars higher than the estimate announced in February.
The report also states that in the fiscal year 2024, total federal spending is expected to reach 6.8 trillion dollars, while revenues are projected to be 4.9 trillion dollars. The report warns that these deficits will increase the public debt, with the public debt estimated to rise from 26.2 trillion dollars at the end of 2023 to 50.7 trillion dollars by the end of 2034.
Furthermore, the report notes that the U.S. economy is expected to grow more slowly in 2024 and 2025 compared to 2023, with a growth rate of 2 percent expected for this year and next year.
