President Biden and the Democrat-led Congress helped add $3.1 trillion to the federal deficit over the next decade, the Congressional Budget Office said Wednesday, delivering a depressing picture of the government’s finances and the economy.
Unemployment will start to tick back up this year, interest rates will remain high, inflation will come down slowly and output will be stagnant in 2023, with gross domestic product growing at less than half a percentage point, the analysts said.
The government will run a $1.4 trillion deficit in 2023, or about equal to last year’s figure. That hole will grow deeper in the ensuing years, topping $2 trillion in 2030 and nearing $3 trillion a year by 2033. CBO said the growth estimates are “highly uncertain” because it’s difficult to say exactly what will happen with inflation.
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