Budget office projects 4.6% growth in Biden’s first year

The Congressional Budget Office expects that the U.S. economy will grow at a 4.6% annual rate this year, with employment returning to pre-pandemic levels in 2024. The 10-year outlook issued Monday says the recovery from the coronavirus has been boosted by an unprecedented wave of government spending to combat the outbreak. Growth could pass its maximum sustainable level in early 2025 before returning to a long-run average of 1.7%.