While the economy will benefit from continued improvement in "underlying" conditions, the federal government's push to tighten its spending will slow overall growth in 2013, .
In an updated "Budget and Economic Outlook" reported released Tuesday afternoon, the agency forecasts:
-- 1.4 percent growth in gross domestic product this year, vs. 2.3 percent in 2012.
-- 2.6 percent growth in 2014.
-- 4.1 percent growth in 2015.
Meanwhile, the unemployment rate won't come down much:
-- It's expected to average 7.9 percent this year, vs. 8.1 percent in 2012.
-- 7.8 percent in 2013.
-- 7.1 percent in 2015.
, the CBO's projections and the threat deep spending cuts could pose to the economy are among the reasons President Obama today urged Congress to pass a smaller package of spending reductions and tax changes that would take effect before the automatic "sequestration" takes effect on March 1.
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