CBO projects higher unemployment, slow exit from inflation

The Congressional Budget Office said Wednesday that it expects the U.S. economy to stagnate this year with the unemployment rate jumping to 5.1% — a bleak outlook that was paired with a 10-year projection that publicly held U.S. debt would nearly double to $46.4 trillion in 2033. The updated 10-year Budget and Economic Outlook outlined stark expectations for the coming year as high interest rates and inflation, though easing, continue to impact U.S. households and businesses.