Topics

Posted 9/18/2023, 12:04:58 AM

CBO Forecasts Growing Budget Deficits Over Next Decade, Reaching $2.9 Trillion By 2033

CBO projects $1.7 trillion budget deficit for 2023, 13% higher than previous estimate
Deficit expected to remain between $1.6 - $1.8 trillion through 2027
Deficit projected to reach $2.9 trillion in 2033
Economic growth alone won't be enough to bridge deficit gap
Policymakers need to make choices on spending cuts or revenue increases

dailyhodl.com

Relevant topic timeline:

9/1/2023

Moody's lifts 2023 U.S. growth forecast, cuts China's for 2024

Credit rating agency Moody's has raised its 2023 U.S. economic growth forecast to 1.9% while cutting its estimate for China, citing mounting challenges for the latter, including weak business and consumer confidence and an aging working population.

9/4/2023

Italy sees 2023 deficit above target due to home incentives, sources say

Italy is planning to exceed its targeted budget deficit for 2023, due to costly fiscal incentives for home improvements, which are expected to impact the country's state finances and potentially lead to further deviations from targets in the future.

9/4/2023

US deficit is projected to roughly double this year: watchdog

The U.S. federal deficit is projected to double this year to around $2 trillion, largely due to higher interest rates, lower tax revenue, and increased Social Security and Medicare costs.

9/4/2023

Biden boasts about cutting federal budget deficit -- as it soars

Despite President Biden's claims of cutting the federal budget deficit by $1.7 trillion, in reality, the deficit is projected to hit $2 trillion this year, with government spending remaining high and the reduction in the deficit primarily due to the expiration of COVID-19 emergency spending.

9/22/2023

Italy to Revise Upward Budget Deficit and Growth Forecasts Due to High Rates and Accounting Factors

Italy's 2023 budget deficit is projected to exceed the target of 4.5% of GDP and reach around 5.5% due to high interest rates and accounting adjustments related to tax credits, potentially impacting the planned tax cuts in the 2024 budget.

10/11/2023

China Plans Record Budget Deficit to Fund Infrastructure, Boost Economy

China is considering increasing its budget deficit by an additional 1 trillion yuan ($137 billion) for infrastructure projects, surpassing its 3% GDP target and aiming to boost the economy.

10/11/2023

Soaring Interest Costs on Federal Debt Raise Concerns of Crowding Out Other Spending

The cost of financing America's debt is rising as bond yields increase, potentially crowding out other spending and surpassing the amount spent on defense by 2028, according to estimates released by the Congressional Budget Office.

10/13/2023

PBO Forecasts Slow Growth and Rising Deficit Due to High Interest Rates

The Canadian parliamentary budget officer predicts that higher interest rates will impede economic growth in the second half of the year and result in a significant increase in the federal deficit, with consumer spending expected to remain weak until mid-2024.

10/15/2023

US Budget Deficit Jumps to $1.7 Trillion in 2023, IMF Urges Policy Changes to Address Inflation and High Rates

The US government's budget deficit reached $1.7 trillion in the 2023 fiscal year, exceeding the previous year's shortfall by $300 billion, prompting concerns from the International Monetary Fund about the country's fiscal situation.

10/16/2023

Italy Unveils €24 Billion Budget for 2024, Raising Deficit and Debt Concerns

Italy's government has announced its budget for 2024, which includes tax cuts and increased spending to support large families, decrease payroll contributions, and bolster public services, but it will require additional borrowing and faces criticism for potentially pandering to voters.

Topics

Posted 9/18/2023, 12:04:58 AM

CBO Forecasts Growing Budget Deficits Over Next Decade, Reaching $2.9 Trillion By 2033

CBO projects $1.7 trillion budget deficit for 2023, 13% higher than previous estimate
Deficit expected to remain between $1.6 - $1.8 trillion through 2027
Deficit projected to reach $2.9 trillion in 2033
Economic growth alone won't be enough to bridge deficit gap
Policymakers need to make choices on spending cuts or revenue increases

dailyhodl.com

Relevant topic timeline:

9/1/2023

Moody's lifts 2023 U.S. growth forecast, cuts China's for 2024

9/4/2023

Italy sees 2023 deficit above target due to home incentives, sources say

9/4/2023

US deficit is projected to roughly double this year: watchdog

The U.S. federal deficit is projected to double this year to around $2 trillion, largely due to higher interest rates, lower tax revenue, and increased Social Security and Medicare costs.

9/4/2023

Biden boasts about cutting federal budget deficit -- as it soars

9/22/2023

Italy to Revise Upward Budget Deficit and Growth Forecasts Due to High Rates and Accounting Factors

10/11/2023

China Plans Record Budget Deficit to Fund Infrastructure, Boost Economy

China is considering increasing its budget deficit by an additional 1 trillion yuan ($137 billion) for infrastructure projects, surpassing its 3% GDP target and aiming to boost the economy.

10/11/2023

Soaring Interest Costs on Federal Debt Raise Concerns of Crowding Out Other Spending

10/13/2023

PBO Forecasts Slow Growth and Rising Deficit Due to High Interest Rates

10/15/2023

US Budget Deficit Jumps to $1.7 Trillion in 2023, IMF Urges Policy Changes to Address Inflation and High Rates

10/16/2023

Italy Unveils €24 Billion Budget for 2024, Raising Deficit and Debt Concerns