The federal budget deficit may be in for a rollercoaster ride if the Congressional Budget Office’s (CBO’s) budget forecast is correct. The CBO said the deficit is expected to shrink to $1 trillion this year, down from $2.8 trillion in 2021, then climb sharply in the coming years. The annual shortfall is forecasted to average $1.6 trillion from 2023 to 2032. The deficit is projected to continue to decrease as a percentage of gross domestic product (GDP) next year as spending related to the coronavirus pandemic wanes, but then deficits will increase, reaching 6.1% of GDP in 2032. The deficit has been greater than that only six times since 1946. Read the CBO forecast: https://bit.ly/3PIVLXA Call or visit our website for more information! www.mjscpa.com/
