Economy To Slow This Year As The Government Tightens, CBO Says | WAMU 88.5 - American University Radio

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

Edison's Talking Dolls Can Now Provide The Soundtrack To Your Nightmares

Thomas Edison built and sold about 500 dolls back in 1890. Now, new technology has made hearing their supercreepy voices possible for the first time in decades. (Thanks, technology.)
NPR

Tea Tuesdays: Butter Up That Tea, Tibetan-Style

Yak butter tea is often referred to as the national drink of Tibet. It's been consumed in the Himalayas for centuries and helped inspire the Bulletproof Coffee craze in the U.S.
WAMU 88.5

Maryland Democrats Pressure Gov. Hogan On Education Spending

The General Assembly has been adjourned for almost a month, but Democrats in Maryland are still pressuring Republican Gov. Larry Hogan to release funding for public education.
NPR

Edison's Talking Dolls Can Now Provide The Soundtrack To Your Nightmares

Thomas Edison built and sold about 500 dolls back in 1890. Now, new technology has made hearing their supercreepy voices possible for the first time in decades. (Thanks, technology.)

Leave a Comment

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