CBO

The Effects of Tariffs and Trade Barriers in CBO’s Projections

In CBO’s newly published economic projections, higher trade barriers—in particular, increases in tariff rates—implemented by the United States and its trading partners since January 2018 reduce the level of real (that is, inflation-adjusted) U.S. gross domestic product by roughly 0.3 percent by 2020.

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CBO’s Updated Economic Forecast for the 2019–2029 Period

If current laws governing federal taxes and spending generally remained in place, the economy would expand by 2.3 percent this year and then grow at an average annual rate of 1.8 percent over the next decade, CBO projects.

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S. 2203, Brand USA Extension Act

As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 24, 2019

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An Update to the Budget and Economic Outlook: 2019 to 2029

In CBO’s projections, federal budget deficits remain large by historical standards, and federal debt grows to equal 95 percent of GDP by 2029. Economic growth is expected to slow from 2.3 percent in 2019 to a rate that is below its long-run historical average.

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