Outlook for the Budget and the Economy
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Discretionary Spending in Fiscal Year 2020: An Infographic
Discretionary spending by the federal government totaled $1.6 trillion in 2020, of which $714 billion was for national defense and $914 billion was for nondefense activities.
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Mandatory Spending in Fiscal Year 2020: An Infographic
Mandatory spending by the federal government totaled $4.6 trillion in 2020, of which $1.9 trillion was for Social Security and Medicare.
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Revenues in Fiscal Year 2020: An Infographic
Revenues received by the federal government in 2020 totaled $3.4 trillion, of which $1.6 trillion was receipts from individual income taxes.
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The Budget and Economic Outlook
Presentation by Jeffrey F. Werling, CBO’s Director of Macroeconomic Analysis, to the Society of Government Economists.
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Additional Information About the Budget Outlook: 2021 to 2031
This document provides additional information about the baseline budget projections that CBO released on February 11, 2021.
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The 2021 Long-Term Budget Outlook
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.
- Blog Post
A Presentation on CBO’s Latest Budget and Economic Projections
CBO Director Phillip Swagel spoke about the agency’s latest 10-year budget and economic projections at an event hosted by the Concord Coalition.
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The Budget and Economic Outlook: 2021 to 2031
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.
- Blog Post
CBO to Issue New Budget Projections on February 11
CBO will release The Budget and Economic Outlook: 2021 to 2031 at 2 p.m. on Thursday, February 11. The report will include a brief description of CBO’s latest 10-year budget projections and reprise the economic projections issued this week.
- Blog Post
CBO to Issue New Economic Projections on February 1
CBO will release An Overview of the Economic Outlook: 2021 to 2031 at 11 a.m. on Monday, February 1. The report will include a brief description of CBO’s latest 10-year economic projections.