FILE - Phillip Swagel, Director of the Congressional Budget Office, testifies during a Senate Budget Committee hearing about Social Security, July 12, 2023, on Capitol Hill in Washington. The Congressional Budget Office said Friday, Dec. 15, that it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years. (AP Photo/Jacquelyn Martin, File) file photo
