CBO Director Says We’re Facing Weakening Economy With High Inflation in First Half of Year, Persistent High Deficits

Friday’s Fox Business Network’s broadcast aired “Cavuto: Coast to Coast,” Phillip Swagel, Director of the Congressional Budget Office (CBO), stated that it is mathematically possible for the federal budget to be balanced within ten years without touching Social Security or other entitlement programs. “has inherited a very difficult” Situation fiscale, as, in addition, the U.S. “a very large deficit that’s set to persist,” It is facing “a weakening economy with high inflation” The first half of the year.

Swagel said, [relevant remarks begin around 4:35] “[I]t’s a very challenging situation. And at CBO — I appreciate what you said at the beginning — at CBO we do our work with impartiality, we’re non-partisan and we do it with integrity…it’s mathematically possible to balance the budget within ten years and leave Social Security and other entitlements aside. It’s very challenging. And there’s a sense in which policymakers today, the Congress today, has inherited a very difficult situation, a very large deficit that’s set to persist, at the same time, the economy in the first half of this year is facing a weakening economy with high inflation, so it’s a — the fiscal situation is very challenging.”

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