The Biden administration’s budget for fiscal year 2023 included a projection that Consumer Price Index (CPI) inflation would reach 2.3%, an estimate that White House officials admitted was outdated in part due to Russia’s invasion of Ukraine.
President Joe Biden on Monday unveiled his budget for 2023, which included funding for increased defense and law enforcement spending as well as increased taxes on wealthy households. The budget included economic assumptions predicting that the rate of CPI inflation would decline significantly to reach 2.3% in 2023.
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