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The President’s Budget for Fiscal Year 2025
From Day One of this Administration, President Biden has tackled challenges head-on while delivering long-lasting results. Over the past three years, he has overseen a strong economic recovery, amassed one of the most successful legislative records in generations, grown the economy from the middle out and bottom up, and delivered important progress for the American people. Since the President and Vice President took office, the economy has added about 15 million jobs, the unemployment rate has remained below 4 percent for two years in a row—a more than 50-year record—while inflation has fallen by two-thirds. Our ... (full story)
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Update on the Administration’s Economic Assumptions
Each year, the Council of Economic Advisers (CEA), Office of Management and Budget (OMB), and Department of the Treasury develop an economic forecast for the President’s Budget. That forecast is used to project a range of fiscal metrics in the Budget. Because agencies base their budget forecasts and estimates of the impact of the President’s policies in part on these projections, assumptions must be finalized well in advance of the Budget release. CEA, OMB, and Treasury work to develop the most accurate possible forecast based on the information available to them at the time. This year, as is typical, the ... (full story)