CBO's Budget and Economic Outlook—typically produced in January each year and updated in August—includes an economic forecast and projections of spending and revenues under current law over the next 10 years. CBO also updates its budget projections each year, typically in March, in conjunction with its analysis of the President's budgetary proposals. All of those projections, which show outcomes if current laws generally remained in place, provide the Congress with a benchmark against which to measure the effects of proposed changes in spending and tax laws. CBO also makes long-term budget projections.
Budget and Economic Outlook
Aug 2014 - The deficit this year will be $506 billion, CBO estimates, about $170 billion lower than the deficit in 2013. After a weak first half of this year, CBO expects economic growth to pick up and the unemployment rate to continue to fall.
Jul 2014 - If current laws remained generally unchanged, federal debt held by the public would exceed 100 percent of GDP by 2039 and would be on an upward path relative to the size of the economy—a trend that could not be sustained indefinitely.
Apr 2014 - The deficit will decrease to $492 billion in 2014, CBO projects. But under current law, deficits will begin rising again in 2016—and by 2024, debt will reach 78 percent of GDP, twice the average of the past 40 years.
Apr 2014 - See how much the government spent and took in during 2013 as well as other information about the budget, deficits, and debt.
Federal Budget Overview
Feb 2014 - Under current law, deficits will drop through 2015 but rise thereafter, boosting the already high federal debt, CBO projects. Economic growth will be solid in the near term, but unemployment will not drop below 6.0 percent until 2017.
Dec 2013 - Federal debt is projected to rise significantly over the long term. What policy changes could reduce future deficits and thus lower the trajectory of federal debt? What criteria might be used to evaluate those policy changes?
- PresentationSeptember 12, 2014
- PresentationSeptember 10, 2014
- Blog PostSeptember 3, 2014
- Blog PostSeptember 2, 2014
- ReportAugust 28, 2014
- Blog PostAugust 28, 2014
- GraphicAugust 28, 2014
- Blog PostAugust 27, 2014
Use this menu to filter CBO's publications by topic. From January 2011 forward, all the agency's products are categorized by topic. Cost estimates released prior to the 112th Congress are not categorized by topic.