Biden’s Budget Expects Cooling Economy, Stubborn Inflation
- White House sees GDP running lower than other economists do
- Administration also sees higher inflation and borrowing costs
Joe Biden delivers remarks in Washington, DC on March 11.
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The White House expects the US economy to cool markedly in 2024 and inflation to remain stubbornly, if modestly, above the Federal Reserve’s target.
President Joe Biden’s proposed budget for fiscal year 2025, released Monday, assumes economic activity will increase 1.7% in calendar 2024, well below the 2.1% median forecast of economists surveyed by Bloomberg.