Home » World » The US economy is expected to expand 4.6% this year | RYT9

The US economy is expected to expand 4.6% this year | RYT9

The US Congress of Budget Bureau (CBO) predicts that the US economy is projected to expand 4.6% in 2021, after a 3.5% contraction in 2020, better than the July forecast. The economy will expand only 4 percent after a 5.8 percent contraction in 2020.

“The current forecast is stronger than previously forecast in July. This is mainly because the slowdown was not as severe as expected. And because the early recovery happened faster and stronger than expected, ‘the CBO said.

The latest forecasts, the CBO looks at the positive impact of the $ 9 billion stimulus package approved by Congress at the end of 2020, as well as faster resumption of business activities by: The CBO said the 2020 stimulus could increase the US federal government’s budget deficit of $ 7.74 billion for the fiscal year 2021, ending Sept. 30, and raised the budget deficit by 10.8 billion. Million dollars in fiscal year 2022

The CBO’s forecast release comes as President Joe Biden’s administration is pushing for an additional $ 1.9 trillion stimulus package to mitigate the impact of the COVID-19 epidemic. While the report states Ten Republican senators have called on President Biden to lower the stimulus limit from $ 1.9 trillion. To be able to pass approval from the House of Representatives and the US Senate


– .

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.