Outlook for the Budget and the Economy
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Answers to Questions for the Record Following a Hearing on The Budget and Economic Outlook: 2024 to 2034
The House Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to questions submitted for the record.
- Report
The Long-Term Budget Outlook: 2024 to 2054
The federal budget deficit increases significantly in relation to gross domestic product over the next 30 years, in CBO’s projections, pushing federal debt held by the public far beyond any previously recorded level.
- Blog Post
Presentations on CBO’s New Projections
CBO's Director, Phillip Swagel, discusses his most recent and upcoming presentations about the projections in CBO’s report, "The Budget and Economic Outlook: 2024 to 2034."
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Testimony on The Budget and Economic Outlook: 2024 to 2034
CBO’s Director, Phillip Swagel, testifies before the House Budget Committee.
- Blog Post
Director’s Statement on the Budget and Economic Outlook for 2024 to 2034
CBO’s Director, Phillip Swagel, discusses the current budget and economic outlook.
- Presentation
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
CBO’s Director, Phillip Swagel, briefs members of the press on the current budget and economic outlook.
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The Budget and Economic Outlook: 2024 to 2034
In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.
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Testimony on the Accuracy of CBO’s Recent Baseline Projections
CBO Director Phillip Swagel testifies before the House Committee on the Budget.
- Report
Effects of No GDP Growth on Federal Deficits
CBO was asked what the effects on federal deficits would be if the economy was stagnant over two years. The agency created two scenarios with no growth of gross domestic product adjusted to remove the effects of inflation.
- Blog Post
CBO to Release Budget and Economic Outlook on February 7
CBO will release "The Budget and Economic Outlook: 2024 to 2034" at 2 p.m. EST on February 7.