Budget Projections—May 2013

Updated: In July 2013, the Bureau of Economic Analysis (BEA) revised upward the historical values for gross domestic product (GDP); CBO extrapolated from those revisions so that its baseline projections of GDP reflect them. Although CBO's projections of revenues, outlays, deficits, and debt over the 2013-2023 period have not changed since they were issued in May, those amounts measured as a percentage of GDP are now lower as a result of BEA's revisions. An updated version of Table 1 of this report shows those percentages of GDP taking into account BEA’s revisions.In addition, on October 30, 2013, CBO posted an updated version of Table 4 providing additional data on projections of discretionary spending.

Correction: On October 30, 2013, CBO reposted this spreadsheet with a correction in Table 5 to the projection for debt subject to limit in 2023 and with rounding adjusted throughout the table.