New Straits Times on Nostr: CBO sees US 2025 deficit flat at US$1.9 trillion before Trump tax changes ========== ...
CBO sees US 2025 deficit flat at US$1.9 trillion before Trump tax changes
==========
The Congressional Budget Office (CBO) forecasts a US$1.865 trillion budget deficit for fiscal 2025, unchanged from the previous year; this estimate assumes Trump's 2017 tax cuts expire at the end of 2025; potential extensions of tax cuts could add over US$4 trillion to deficits over 10 years; CBO projects deficits will decline to US$1.687 trillion in 2027 and rise to US$2.637 trillion by 2033; cumulative deficit from 2026-2035 is estimated at US$21.758 trillion; CBO Director Phillip Swagel cites higher revenue projections due to an upward revision of the US economy's size; US economic growth is projected at 1.9% for 2025; Trump's Treasury pick Scott Bessent warns against not extending tax cuts; CBO estimates higher costs for clean energy tax subsidies at US$825 billion over the next decade, up from previous estimates.
#Cbo #UsBudget #Deficit #Trump #TaxCuts #Economy #FiscalPolicy #2025 #Gdp #CleanEnergy
https://www.nst.com.my/business/economy/2025/01/1163046/cbo-sees-us-2025-deficit-flat-us19-trillion-trump-tax-changes
==========
The Congressional Budget Office (CBO) forecasts a US$1.865 trillion budget deficit for fiscal 2025, unchanged from the previous year; this estimate assumes Trump's 2017 tax cuts expire at the end of 2025; potential extensions of tax cuts could add over US$4 trillion to deficits over 10 years; CBO projects deficits will decline to US$1.687 trillion in 2027 and rise to US$2.637 trillion by 2033; cumulative deficit from 2026-2035 is estimated at US$21.758 trillion; CBO Director Phillip Swagel cites higher revenue projections due to an upward revision of the US economy's size; US economic growth is projected at 1.9% for 2025; Trump's Treasury pick Scott Bessent warns against not extending tax cuts; CBO estimates higher costs for clean energy tax subsidies at US$825 billion over the next decade, up from previous estimates.
#Cbo #UsBudget #Deficit #Trump #TaxCuts #Economy #FiscalPolicy #2025 #Gdp #CleanEnergy
https://www.nst.com.my/business/economy/2025/01/1163046/cbo-sees-us-2025-deficit-flat-us19-trillion-trump-tax-changes