Outlook for the Budget and the Economy
- Report
Federal Debt and the Statutory Limit, July 2021
CBO projects that if the debt limit is not raised, the Treasury would probably run out of cash and be unable to make its usual payments starting sometime in the first quarter of the next fiscal year, most likely in October or November.
- Presentation
CBO’s Updated Budget and Economic Projections
Presentation by Phillip Swagel, CBO’s Director, to J.P. Morgan’s Virtual Investor Meeting.
- Presentation
CBO’s Updated Budget and Economic Projections
Presentation by Phillip Swagel, CBO’s Director, to the American Council for Capital Formation.
- Report
An Update to the Budget and Economic Outlook: 2021 to 2031
If current laws generally remain unchanged, the federal budget deficit will total $3.0 trillion and federal debt will reach 103 percent of GDP in fiscal year 2021, CBO estimates, and real GDP will grow by 7.4 percent in calendar year 2021.
- Blog Post
CBO to Release Its Updated Budget and Economic Projections on July 1
CBO will release An Update to the Budget and Economic Outlook: 2021 to 2031 at 2 p.m. on Thursday, July 1. The report will briefly describe CBO's latest 10-year budget and economic projections. Additional information about those projections will be released on July 21.
- Interactive
Workbook for How Changes in Economic Conditions Might Affect the Federal Budget, June 2021
This workbook allows users to define and analyze alternative economic scenarios by specifying differences in the values of four economic variables relative to the values for those variables underlying CBO's February 2021 projections.
- Report
Three Scenarios for the Budget as Specified by Senator Graham
Senator Graham asked how recently enacted legislation and certain amounts of additional spending would change the budget projections that CBO released on February 11, 2021. This letter details those changes.
- Blog Post
CBO Releases Infographics About the Federal Budget in Fiscal Year 2020
View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2020, as well as broader trends in the budget over the past few decades.
- Graphic
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.
- Graphic
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.