CBO Director Testifies on Budgetary and Economic Outlook (2024)

February 14, 2024

2024-02-14T10:02:41-05:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvZWY1XC8wMDJcLzE3MDc5MjM5NjNfMDAyLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19Congressional Budget Office Director Phillip Swagel testified before the House Budget Committee on the U.S. budgetary and economic outlook. He said the federal deficit was projected to grow by $2.6 trillion over the next 10 years, noting that this was 50% larger than the historical average and that the costs of debt were a major contributor. Regarding the economy, Mr. Swagel said it grew faster in 2023 than in 2022, even as inflation slowed. He projected that growth would slow down in 2024, with slightly higher unemployment and continued lower inflation, and that the Federal Reserve would probably reduce interest rates around the middle of the year.

Congressional Budget Office Director Phillip Swagel testified before the House Budget Committee on the U.S. budgetary and economic outlook. … read more

Congressional Budget Office Director Phillip Swagel testified before the House Budget Committee on the U.S. budgetary and economic outlook. He said the federal deficit was projected to grow by $2.6 trillion over the next 10 years, noting that this was 50% larger than the historical average and that the costs of debt were a major contributor. Regarding the economy, Mr. Swagel said it grew faster in 2023 than in 2022, even as inflation slowed. He projected that growth would slow down in 2024, with slightly higher unemployment and continued lower inflation, and that the Federal Reserve would probably reduce interest rates around the middle of the year. close

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Glenn GrothmanU.S. Representative[R] Wisconsin
Chip RoyU.S. Representative[R] Texas

Bobby ScottU.S. Representative[D] Virginia
Jodey ArringtonU.S. Representative[R] Texas
Becca BalintU.S. Representative[D] Vermont
Jack BergmanU.S. Representative[R] Michigan
Brendan BoyleU.S. Representative[D] Pennsylvania
Josh BrecheenU.S. Representative[R] Oklahoma
Michael C. BurgessU.S. Representative[R] Texas
Buddy CarterU.S. Representative[R] Georgia
Ben ClineU.S. Representative[R] Virginia
Lloyd DoggettU.S. Representative[D] Texas
Chuck EdwardsU.S. Representative[R] North Carolina
Ron EstesU.S. Representative[R] Kansas
Drew Ferguson IVU.S. Representative[R] Georgia
Bob GoodU.S. Representative[R] Virginia
Sheila Jackson LeeU.S. Representative[D] Texas
Dan KildeeU.S. Representative[D] Michigan
Tom McClintockU.S. Representative[R] California
Blake MooreU.S. Representative[R] Utah
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Ilhan OmarU.S. Representative[DFL] Minnesota
Jimmy PanettaU.S. Representative[D] California
Jan SchakowskyU.S. Representative[D] Illinois
Lloyd K. SmuckerU.S. Representative[R] Pennsylvania
Phillip L. SwagelDirectorCongressional Budget Office
Rudy Yakym IIIU.S. Representative[R] Indiana

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