UPDATE 1-U.S. CBO forecasts slightly smaller $1.5 trillion deficit for 2024

[ASFN Admin]

The U.S. Congressional Budget Office on Wednesday projected a slightly smaller $1.507 trillion federal deficit for fiscal 2024 as increased revenues from a strong economy and employment offset higher outlays for clean energy tax credits and public debt interest. The CBO said the deficit would dip this year from $1.695 trillion in fiscal 2023, but resume its march upward to $1.772 trillion in fiscal 2025, hitting $2.579 trillion in fiscal 2034. The CBO also projected a slightly smaller cumulative 10-year deficit, to $20.016 trillion for the fiscal 2025-2034 period, compared with last year's estimate of a $20.314 trillion deficit for 2024-2033.

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