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

Opulent And Apolitical: The Art Of The Met's Islamic Galleries

Navina Haidar, an Islamic art curator at the Met, says she isn't interested in ideology: "The only place where we allow ourselves any passion is in the artistic joy ... of something that's beautiful."
NPR

Tired Of The Seoul-Sucking Rat Race, Koreans Flock To Farming

More than 80 percent of people in South Korea live in cities. But in the past few years, there has been a shift. Tens of thousands of South Koreans are relocating to the countryside each year.
WAMU 88.5

Fannie Lou Hamer and the Fight for Voting Rights

Kojo explores the life and legacy of Fannie Lou Hamer, a poor Mississippi sharecropper who became an outspoken voice in the civil rights movement and the fight for voting rights.

WAMU 88.5

Computer Guys and Gal

Chrysler recalls cars to boost their cybersecurity. Microsoft debuts its new Windows 10 operating system. And navigation tech could bring us robotic lawn mowers. The Computer Guys and Gal explain.

Leave a Comment

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