Growth is getting better, not worse
2.5
0.0
2.0
1.5
1.0
0.5
12
Budget Deficit
Note: 2024 and 2025 represent TD Securities forecast.
Source: CBO, TD Securities
3.0
3.5
13
14
15
16
17
18
19
20
21
22
23
25
24
$ Trillion
Forecast
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
$ Trillion