All articles tagged with #cbo report
President Trump claims that his tariffs will reduce the US federal debt by $4 trillion over a decade, based on a CBO report, but this figure is subject to many caveats including economic impacts, legal challenges, and policy changes. The tariffs have already generated significant revenue but also pose risks to the economy and consumer prices, with future effects uncertain.
A Congressional Budget Office (CBO) report warns that millions of Americans will lose their jobs in 2024, projecting a rise in the unemployment rate from 3.9 percent to 4.4 percent by the end of the year. The report attributes the expected job losses to weaker consumer spending, lower nonresidential investment, and reduced exports, outweighing the positive effects of higher government spending and lower taxes. The Federal Reserve has a similar outlook, predicting slower GDP growth and an increase in the unemployment rate. The CBO suggests that the Fed may respond to the weakening economy by cutting interest rates.