Outlook for the Budget and the Economy
- Presentation
An Overview of The 2020 Long-Term Budget Outlook
Presentation by Phillip Swagel, CBO’s Director, at the Economic Policy Summit 2020.
- Report
Testimony on CBO's 2020 Long-Term Budget Outlook
CBO Director Phillip Swagel testifies before the Senate Budget Committee.
- Blog Post
Director’s Statement on The 2020 Long-Term Budget Outlook
CBO Director Phill Swagel focuses on the long-term fiscal challenges facing the nation in his statement on CBO’s report The 2020 Long-Term Budget Outlook.
- Report
The 2020 Long-Term Budget Outlook
CBO presents its projections of what federal deficits, debt, spending, and revenues would be for the next 30 years if current laws governing taxes and spending generally did not change.
- Blog Post
A Presentation on CBO’s Latest Budget Projections
In a talk before the U.S. Chamber of Commerce’s Chief Economists Committee, CBO Director Phillip Swagel spoke about CBO’s latest 10-year budget projections.
- Report
An Update to the Budget Outlook: 2020 to 2030
CBO projects a federal budget deficit of $3.3 trillion in 2020, more than triple the shortfall recorded in 2019, mostly because of the economic disruption caused by the 2020 coronavirus pandemic and the enactment of legislation in response.
- Report
The Outlook for Major Federal Trust Funds: 2020 to 2030
CBO projects that the balances held by federal trust funds will fall by $43 billion in fiscal year 2020. Spending from the trust funds is projected to exceed income by $18 billion in 2021, a deficit that grows to $502 billion by 2030.
- Blog Post
CBO to Release Updated Budget Projections on September 2
The report will contain CBO’s latest baseline budget projections, which will be based on the economic projections that the agency released in July and will incorporate legislation enacted through August 4.
- Report
An Evaluation of CBO’s Past Revenue Projections
The average error for CBO’s budget-year revenue projections is 1.2 percent, indicating the agency has tended to slightly overestimate revenues. For the agency’s sixth-year revenue projections, the average error is greater—5.6 percent.
- Report
An Update to the Economic Outlook: 2020 to 2030
CBO projects that from 2020 to 2030, annual real GDP will be 3.4 percent lower, on average, than it projected in January. The annual unemployment rate, which was projected to average 4.2 percent, is now projected to average 6.1 percent.