CBO estimates the deficit for fiscal year 2015 will be $426 billion––$60 billion lower than projected in March. The 10-year budget outlook remains little changed from earlier projections.
The economy is expected to expand modestly this year, at a solid pace in 2016 and 2017, and at a more moderate pace in subsequent years. Over the next few years, that growth is expected to increase hiring and put upward pressure on compensation, inflation, and interest rates.
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The Economic Outlook for 2015 to 2025: An Update in 18 Slides