Budget and Economic Outlook: Fiscal Years 2012 to 2022

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By Douglas W. Elmendorf (ed)
Year: 2012
Pages: 150
Binding Paperback
ISBN 978-1-4578-2807-2

Product Code: 1457828073

Description

This vol. is one of a series of reports on the state of the budget and the economy that the Congressional Budget Office (CBO) issues each year to submit to the Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget. This report shows that the U.S. is facing profound budgetary and economic challenges. The federal budget deficit -- although starting to shrink -- remains very large by historical standards. How much and how quickly the deficit declines will depend in part on how well the economy does over the next few years and on the fiscal policy choices made by lawmakers as they face the substantial changes to tax and spending policies that are slated to take effect within the next year under current law. Economic growth will pick up after 2013, but CBO expects that output will remain below its potential until 2018 and that the unemployment rate will remain above 7% until 2015. Tables and figures. This is a print on demand report.

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