Congressional Budget Office says inflation to last into 2023 | National Newswatch

WASHINGTON — The Congressional Budget Office released an economic outlook Wednesday saying that high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt.

The 10-year estimates do contain positive news as this year's annual budget deficit will be $118 billion lower than forecast last year. That's a byproduct of the end of pandemic-related spending and the solid job growth it helped to spur. As a share of the total economy, publicly held debt will drop through 2023. Still, the accumulated federal debt will likely continue to grow over the next decade to be equal to roughly 110% of U.S. gross domestic product.

Still, the CBO cautions that its numbers"are subject to considerable uncertainty, in part because of the ongoing pandemic and other world events," including. The report accounts at least for the first few months of the war, according to CBO. “The American Rescue Plan has fostered an extraordinarily fast recovery and leaves us in a strong position to address the global challenges posed from supply chains and the economic fallout from Russia’s invasion of Ukraine,” he tweeted.

Why not just tax corporations higher to take more money out of the economy?

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