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U.S. CBO doubles growth forecast to 7.4%; sees slight drop in federal deficit

Published by
Reuters

By David Lawder WASHINGTON (Reuters) -The Congressional Budget Office on Thursday doubled its forecast for U.S. economic growth in fiscal 2021 to 7.4% and said it expected the federal budget deficit to decline slightly to about $3 trillion despite higher coronavirus aid spending. The upbeat forecast from the non-partisan CBO was mirrored by a sharply higher forecast for U.S. economic output from the International Monetary Fund, which raised its projection for U.S. gross domestic product growth to 7% from 6.4%. The White House welcomed both of the rosy projections – along with others in recent …

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