Outlook for the Budget and the Economy
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The 2015 Long-Term Budget Outlook
If current laws remained generally unchanged, federal debt held by the public would exceed 100 percent of GDP by 2040 and continue on an upward path relative to the size of the economy—a trend that could not be sustained indefinitely.
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Answers to Questions for the Record Following a Hearing on the Budget and Economic Outlook for 2015 to 2025 Conducted by the House Committee on the Budget
The House Budget Committee convened a hearing in January at which CBO testified on The Budget and Economic Outlook: 2015 to 2025. Members of the committee submitted further questions for the record and this document provides CBO’s answers.
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Updated Budget Projections: 2015 to 2025
Under current law, CBO estimates the deficit will total 2.7 percent of GDP in 2015, drop to roughly 2.4 percent for the following three years, and then begin to rise. By 2025, debt held by the public is projected to reach 77 percent of GDP.
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Answers to Questions for the Record Following a Hearing on The Budget and Economic Outlook for 2015 to 2025 Conducted by the Senate Committee on the Budget
The Senate Budget Committee convened a hearing in January at which CBO testified on The Budget and Economic Outlook: 2015 to 2025. Members of the committee submitted further questions for the record and this document provides CBO’s answers.
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Federal Debt and the Statutory Limit, March 2015
Under current law, as of March 16, the Treasury will be at the statutory borrowing limit and will need to use so-called extraordinary measures to continue raising cash. Those measures would probably be exhausted by October or November.
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CBO's Economic Forecasting Record: 2015 Update
CBO’s forecasts generally have been comparable in quality to those of the Administration and the Blue Chip consensus, with large errors by CBO tending to reflect difficulties shared by other forecasters.
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Why CBO Projects That Actual Output Will Be Below Potential Output on Average
For the latter half of its 10-year projection period, CBO projects that actual output will grow at the same rate as potential output but fall short of potential output by about half a percent, on average—matching its long-term average gap.
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Testimony on the Budget and Economic Outlook: 2015 to 2025
CBO Director Doug Elmendorf presents testimony about CBO’s latest report on the budget and economic outlook before the Committee on the Budget, United States Senate.
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Testimony on the Budget and Economic Outlook: 2015 to 2025
CBO Director Doug Elmendorf presents testimony about CBO’s latest report on the budget and economic outlook before the Committee on the Budget, U.S. House of Representatives.
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The Budget and Economic Outlook: 2015 to 2025
Under current law, the deficit is projected to hold steady as a percentage of GDP through 2018, but rise thereafter, raising the already high federal debt. The rate of economic growth is projected to be solid in 2015 and the next few years.