. >>> let's get to megan cassella in washington. what do we know? >> the nonpartisan congressional budget office says the federal deficit should had $1.6 trillion this year and will rise to $2.6 trillion over the next decade. those numbers are lightly smaller than previous projections due to congress's debt ceiling deal which resulted in higher economic outlook fueled in part by an increase in immigration. the stats are quite large, especially as the cost of servicing the debt rises. the share held by the public will hit 99% as the share of gdp in 2024 and it will rise to an all-time record 116% by 203 . as for the outlook, cbo sees growth slowing to 1.5% due to higher interest rates but the agency sees the federal reserve cutting rates later this year and as those rates fall and inflation falls back to the 2% target, gdp should average roughly 2% throughout 2028. >> megan cassella in washington for us. >>> coming up, the stream stream team. disney, fox, and warner bros. team up to launch a massive new sports team bundle. the bundle is back and coul

megan cassella is joining us now with more. good morning. >> reporter: good morning, dom. administration is doling out $3 billion in the combination of both loans and grants to global foundrys. it say boost that officials say triples the production in the northeast. this is the largest chips act award that is going out so far. the total investment is expected to be $12.5 billion in spending as the company builds out the existing facility in vermont and builds a new facility in new york. the focus of what they are building is legacy chips. they have a partnership with gm and they will focus on chips in the u.s. including specialty chips for satellites and evs and power grid. the goal here, of course, is countering china. the commerce secretary says this sends a clear signal that the u.s. is serious of bolstering national security. dom, this is the first sizeable grant going out under the chips act, but it is $1.5 billion out of the $39 billion. >> megan, if there is more to come, what exactly can we expect to see and when can we expect to see the bigger awards that can go o

m megan cassella joins me with more. >> reporter: the data shows the immigration is crucial to the inflationnd helping the economy avoid recession this year. these trends are set to continue to the extent that the cbo has just revised the projections to say that higher immigration both legal and illegal, will boost growth by $7 trillion above previously expected over the next decade. take a look at the trends. we saw immigration drop off under president trump and the covid pandemic. that related with hiring usual you issues and high inflation. as that has increased, price growth has since slowed down. this is something that jay powell has highlighted saying that immigration rebound is a big part of the re-balancing the last year. experts say reducing the flow of the immigrant labor will hold back the economy. >> policies that restrict the supply of immigrant workers would have a negative effect on the growth. fewer people available to fill jobs and fewer consumers and fewer people participating in society and other economic ways. >> reporter: as you know, frank, the labor market is tight. 9

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