On Squawk Box, CBO director discusses how tariffs are “slowing down the economy”
Phillip Swagel on Trump's tariffs: “Higher inflation, higher revenue, slower growth”
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From the September 15, 2025, edition of CNBC's Squawk Box
BECKY QUICK (CO-HOST): The Congressional Budget Office is projecting higher inflation and unemployment this year, with slowing economic growth ahead. Joining us right now to discuss it is CBO Director Phil Swagel.
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QUICK: So, the new numbers, the new estimates take into account several things. One is population growth, because of immigration, you are anticipating that it is going to be significantly lower. The other is the "One Big Beautiful Bill" – what the costs are associated with that – and I guess the costs are higher. And that's the two impacts that we have on these numbers.
PHILLIP SWAGEL (CBO DIRECTOR): That's right. We have the bill, the reconciliation bill, is boosting the economy, and immigration is slowing it down. And then the effects of the tariff are both raising inflation and slowing down the economy. Both businesses and households facing the drag from the tariffs.
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SWAGEL: So, what I tell members of Congress is you get our analysis and not our opinion. So, I will tell them here's what it does to the economy; Tariffs, higher inflation, higher revenue, slower growth.