Biden Budget Trims Inflation, Raises GDP Outlook, Increases National Debt

U.S. President Joe Biden speaks during an event at the White House complex in Washington, on March 18, 2022. Win McNamee/Getty Images

In the proposed $5.8 trillion federal budget for fiscal year 2023, President Joe Biden and his administration published inflation, GDP, and deficit forecasts for the next 10 years.

The consumer price index is projected to clock in at 4.7 percent this year and 2.3 percent in 2023, according to the White House.