In the CBO report released yesterday.
The budget deficit would be larger if there were no increase:
Figure 1: Baseline Federal budget balance to GDP ratio (blue) and counterfactual without immigration surge (tan), both by fiscal year. The vision of 2023 is real. Source: CBO Budget and Economic Outlook update (June), and CBO (July 2024), and author’s calculations.
Real GDP would also be smaller.
Source: CBO (2024).
By 2023, development represents about 1.5% of real GDP.
Source link