than expected according to the CBO.
The U.S. economy is bouncing back at a faster pace than the federal government anticipated…
The Congressional Budget Office (“CBO”) said that while the country’s deficit could come in at $3 trillion – 33% higher than its last estimate of $2.25 trillion – the U.S. is seeing a robust recovery. The CBO highlighted that this should help support the country’s gross domestic product (“GDP”), which the agency says could grow by 7.4% by the end of 2021.
The CBO added that this positive momentum should carry through to 2025 as well. The organization noted that the country’s GDP could rise by 2.8% per year for at least the next four years.
Meanwhile, the CBO explained that unemployment trends will also improve. The agency’s report showed that unemployment levels will fall to about 4% in 2022 and remain at that level for several years.