NPR : News

Filed Under:

Economy To Slow This Year As The Government Tightens, CBO Says

While the economy will benefit from continued improvement in "underlying" conditions, the federal government's push to tighten its spending will slow overall growth in 2013, the Congressional Budget Office projects.

In an updated "Budget and Economic Outlook" reported released Tuesday afternoon, the agency forecasts:

-- 1.4 percent growth in gross domestic product this year, vs. 2.3 percent in 2012.

-- 2.6 percent growth in 2014.

-- 4.1 percent growth in 2015.

Meanwhile, the unemployment rate won't come down much:

-- It's expected to average 7.9 percent this year, vs. 8.1 percent in 2012.

-- 7.8 percent in 2013.

-- 7.1 percent in 2015.

As we reported earlier, the CBO's projections and the threat deep spending cuts could pose to the economy are among the reasons President Obama today urged Congress to pass a smaller package of spending reductions and tax changes that would take effect before the automatic "sequestration" takes effect on March 1.

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

NPR

Nina McLemore's Clothes Are A 'Weapon' Of Powerful Women

Nina McLemore designs clothes for powerful women: Hillary Clinton, Elizabeth Warren, Janet Yellen, Elena Kagan and others. She talks about how fashion can help women stand out in political office.
NPR

After Italy Quakes, Food World Delivers Support To Home Of Famous Pasta Dish

Amatrice was set to host the 50th celebration of pasta all'Amatriciana famously made there, but this week's earthquake devastated the town. NPR's Scott Simon speaks with food blogger Jeremy Cherfas.
NPR

Why Trump's Minority Outreach May Really Be About White Voters

Republican presidential candidate Donald Trump has publicly tried to reach out to minority voters. But that outreach may really be aimed at improving his standing with suburban white voters.
WAMU 88.5

Want To Play Video Games Made In D.C.? Here's Your Chance.

An event called District Arcade brings together 23 locally made video games.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.