The White House cut its forecast for the US economy’s budget deficit by $26 billion this year and increased it by $31 billion next year.
The economic forecasts in the budget proposal for the fiscal year 2024, which the US President Joe Biden administration submitted to Congress in March, were revised.
Accordingly, it is estimated that the US economy will grow by 0.4 percent this year, 1.8 percent next year and 2.4 percent in 2025.
In the forecasts made in March regarding the country’s economy, it was predicted that the economy would grow by 0.4 percent this year, 2.1 percent next year and 2.4 percent in 2025.
Inflation forecasts were 3.3 percent for this year, 2.5 percent for next year and 2.3 percent for 2025.
The White House’s expectations for the unemployment rate were recorded as 3.8 percent for this year, 4.4 percent for next year, and 4.2 percent for 2025.
The US budget deficit forecast for this year was reduced by $26 billion to $1.543 trillion.
In the projections released by the White House in March, the budget deficit was projected to reach $1.569 trillion in fiscal 2023, an increase of approximately 14 percent annually.
The country’s budget deficit expectation for the 2024 fiscal year was increased by 31 billion dollars to 1.877 trillion dollars.