The White House on Tuesday revised its deficit forecast for fiscal year 2022 to $1.032 trillion, down $383 billion from its budget forecast released in March and reflecting an increase in revenue and a slight dip in spending.
The new forecast, completed on June 9, does not include legislation passed since then, including the $52 billion Semiconductor Industry and Research Support Act, a $430 billion tax hike package, and investments in health care and clean energy.
The 2022 fiscal year ends on the 30th of September.
He expected the consumer price index to rise 6.6% in 2022, 2.8% in 2023, and 2.3% in 2024, while the real GDP of the United States is likely to grow 1.4% in 2022, 1.8% in 2023 and 2.0 % in 2024
In unemployment, the White House expected that the average unemployment rate in the United States would be 3.7% in both 2022 and 2023, and 3.8% in 2024.
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