US CBO boosts fiscal 2024 deficit forecast by $408 billion

• Sees 2024 fiscal deficit at $1.915 trillion
• FY 2025-34 deficit seen at $22.083 trillion, up 10% from Feb forecast
• 2024 real GDP seen up 2.0% vs 1.5% in Feb
• 2025 GDP seen at 2.0% vs 2.2% in Feb
• Sees 2024-34 avg GDP growth at 1.8%
• 2024 deficit higher due to outlays on student loans, bank resolutions, Ukraine/Israel aid and Medicaid
• Legislation, including Israel/Ukraine aid to add $1.6 trillion to deficits through 2034

What happens if/when there is a recession or huge layoffs due to AI?

This article was written by Adam Button at www.forexlive.com.