Surging government red ink spurs economists' worries over a prolonged recession and market trouble

  • 📰 CNBC
  • ⏱ Reading Time:
  • 19 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 72%

Recessions And Depressions News

National Debt,Economy,Markets

Burgeoning debt and deficits are threatening to make the next recession deeper while tying the hands of policymakers.

Burgeoning debt and deficits are threatening to make the next recession deeper while tying the hands of policymakers, according to two leading economists. The Congressional Budget Office this week revised its estimates to paint an even bleaker version of the U.S. financial picture. In the updated look, the budget shortfall is projected to be about $2 trillion for 2024, swelling to $2.8 trillion in 10 years.

Though the rate of inflation has decreased substantially from its mid-2022 peak, Federal Reserve officials insist it is still too high and they are not ready to lower interest rates . In its fiscal revisions, the CBO noted that the rise in debt and deficits has come from "growth in spending on programs that benefit older people and rising net interest costs.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Federal agreement paves way for closer scrutiny of burgeoning AI industryThe Federal Trade Commission and Justice Department will split responsibility for overseeing the rapidly growing AI sector.
Source: KPIXtv - 🏆 443. / 53 Read more »