✖ Construction Reporter

Show Password Forgot Password?

Not a Member? Start a free-trial today!
Construction Reporter
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy

New Congressional Budget Office Sees Both Increased Deficits and Growing Economy

2/22/2021

0 Comments

 
Picture
The federal budget deficit is on track to be the second largest since the end of World War II, a new study from the Congressional Budget Office is reporting.

In its Budget and Economic Outlook: 2021 to 2031 report, the CBO notes that deficits already in place in early 2020 have only “widened significantly as a result of the economic disruption caused by the pandemic and the enactment of legislation in response.”

The CBO is now forecasting historic annual deficits averaging around $1.2 trillion for every year leading up to 2031, exceeding an average of 3.3% of Gross Domestic Product in place since the early 1970s.

In fact, that figure is expected to stay at around 4% of GDP between 2023 and 2027, before heading upward again to 5 % by the year 2031.

Measured against the CBO’s last general predictions issued in September, the estimate for this year’s deficit is, at $448 billion, roughly 25% larger.

The CBO report is also predicting an increase in the federal debt, equaling 107%, which, says the document, would be the “highest in the nation’s history.”

Conversely, projected outlays relative to GDP are expected to decline if low interest rates prevail and the unprecedented federal spending on coronavirus relief efforts tapers off.

The agency also sees unemployment decreasing to 5.3% by the end of this year, down from a high of nearly 15% last spring.

In a somewhat bullish scenario, the CBO study additionally notes that GDP is expected to grow this year by some 3.7% as an “expanded vaccination reduces the spread of Covid-19.”
​
Moreover, growth will generally average around 2.6% in the next four years, with the unemployment rate gradually declining between now and 2026.

​By Garry Boulard

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Get stories like these right to your inbox.
    ​Sign up for our newsletter

    Subscribe

    Archives

    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All

AFFILIATES

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
HOME
PLANS & PRICING
FREE TRIAL
MAGAZINE​
BECOME A MEMBER
PRINTING SERVICES
FAQS
CONTACT
​ABOUT

TIMELY, RELIABLE NEWS SINCE 1949 ​Construction Reporter
​
4901 Mcleod Rd NE STE 200A
Albuquerque NM 87109


​Phone: (505)-243-9793
Toll Free: (877)-292-5793
​Fax: (505)-242-4758

Copyright © 2022 Construction Reporter
User Agreement   Privacy Policy   Archive Policy
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy