The Congressional Budget Office expects a $514 billion U.S. deficit in 2014, down from 2013's $680 billion shortage, according to estimates released Tuesday.
Processing Content
For 2015, CBO predicts a $478 billion shortfall, with a $539 billion deficit in 2016, $581 billion on 2017, $655 billion in 2018, $752 billion in 2019 $836 billion in 2020, $912 billion in 2021, $1.031 trillion in 2022, $1.047 trillion in 2023, and $1.074 trillion in 2024.
The CBO forecasts economic growth of 3.1% in 2014, fourth quarter to fourth quarter, 3.4% in 2015, 3.4% in 2016 and 2.7% in 2017.
The CBO sees unemployment dropping to 6.7% in 2014, fourth quarter to fourth quarter, 6.3% in 2015, and 6.0% in 2016.
