The International Monetary Fund said global growth will drop. Economists said they expect it to go from 3.4% at the end of 2022 to 2.9% in 2023.
But, experts said that projection isn’t as gloomy as they once expected. Although the rate is expected to fall half a percent, back in October, economists had forecasted it would fall by as much as 2.7%.
The IMF said China and India would provide the biggest boost for worldwide growth. While the rate of development here in the U.S. is forecast to be 1.4%. House Speaker Kevin McCarthy is scheduled to meet with president Joe Biden Wednesday to address the U.S. reaching its $31.4-four trillion debt limit.
"Congress has gone for decades, both parties, on a spending spree. If the economy is as strong as President Biden claims and now's the time to try to tighten the belt,” said Republican Kentucky Representative James Comer.
The meeting comes after two dozen Senate Republicans sent a letter to Biden saying they won't back a debt ceiling increase without at least equal spending reductions imposed.
The President said his message for McCarthy and the GOP is "show me your budget; I'll show you mine."
