All articles tagged with #fiscal hole
UK Chancellor Rachel Reeves faces a smaller-than-expected fiscal gap due to strong pay growth, with recommendations from the Resolution Foundation to increase fiscal buffers, implement tax reforms, and address inflation to stabilize public finances ahead of the upcoming budget.
The US debt has increased by $246 billion in just 13 days, reaching a total of $32.246 trillion, according to the Treasury Department. The Congressional Budget Office warns that US deficits are expected to continue rising, with federal debt reaching 98% of GDP by the end of 2023 and surpassing its historical high of 107% by 2029. The high and increasing debt levels pose risks to economic growth, interest payments, and the fiscal outlook, potentially limiting policy choices for lawmakers. The US deficit is projected to reach 10% of GDP by 2053, a level only seen during World War II and the recent surge in government spending in 2020.