Economy Slowing, Debt Rising, CBO Says

A stagnant economy, rising unemployment, higher interest rates, and burgeoning federal debt add up to a problem that must be addressed, according to Phillip Swagel, director of the Congressional Budget Office (CBO).
Swagel provided his assessment with the release of two reports, “The Budget and Economic Outlook: 2023 to 2033” and “Federal Debt and the Statutory Limit, February 2023” on Feb. 15.
“Our projections suggest the changes in fiscal policy must be made to address the rising costs of interest and mitigate other adverse consequences of high and rising debt,” Swagel said during a livestreamed press conference.
While the projections for 2023 are sobering, Swagel declined to predict a recession, noting that economic indicators are mixed. For example, some spending indicators have slowed, although consumer spending remains strong….}