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- Cost Estimate
As Posted on the Senate Budget Committee's website on March 4, 2021
- Report
CBO presents its projections of the federal budget for the next 30 years if current laws governing taxes and spending generally did not change. Growth in revenues would be outpaced by growth in spending, leading to rising deficits and debt.
- Cost Estimate
As Engrossed by the House of Representatives
- Report
This document provides additional information on the economic forecast that CBO initially released on February 1, 2021.
- Report
If current laws governing taxes and spending generally remain unchanged, CBO projects, in 2021, the federal budget deficit will total $2.3 trillion, federal debt will reach 102 percent of GDP, and real GDP will grow by 3.7 percent.
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CBO projects that the economic expansion that began in mid-2020 will continue. Real GDP is projected to return to its prepandemic level in mid-2021. The number of people employed is projected to return to its prepandemic level in 2024.
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The federal budget deficit was $572 billion in the first quarter of fiscal year 2021, the CBO estimates—$215 billion more than the deficit recorded during the same period last year.
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In this letter, CBO provides more information about its cost estimate for H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.
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The federal budget deficit totaled $430 billion in October and November 2020, the first two months of fiscal year 2021, the Congressional Budget Office estimates.
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In fiscal year 2020, the federal budget deficit totaled $3.1 trillion—more than triple the shortfall recorded in fiscal year 2019. The deficit in 2020 was equal to 14.9 percent of GDP, up from 4.6 percent in 2019 and 3.8 percent in 2018.