Oddbean

CBO projects FY2024 US deficit to jump to US$1.9 tril amid higher outlays ========== The US budget deficit is projected to reach US$1.915 trillion for fiscal 2024, surpassing last year's US$1.695 trillion gap. The Congressional Budget Office (CBO) attributes the increase to higher outlays for student loans, Medicaid, bank failure costs, and aid to Ukraine and Israel. These higher outlays account for 80% of a US$408 billion increase in this year's projected deficit. The CBO also raised its cumulative deficit forecast for the fiscal 2025-2034 decade to US$22.083 trillion, up US$2.067 trillion from the February projection. The estimates assume that the individual tax cuts passed by Republicans in 2017 will expire on schedule at the end of 2025. The CBO also updated its US economic projections, increasing its forecast for real gross domestic product growth to 2.0% for calendar 2024. #UsBudgetDeficit #Cbo #FiscalProjections https://theedgemalaysia.com/node/715887