Outlook for the Budget and the Economy
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Federal Debt and the Statutory Limit, November 2017
Under current law, on December 9, federal debt will be at the statutory limit and the Treasury will need to use “extraordinary measures” to continue to raise cash. Those measures would probably be exhausted in late March or early April.
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An Evaluation of CBO’s Past Outlay Projections
In the baseline projections CBO has issued each spring, projected outlays have generally been close to actual amounts, although they have been too high, on average—a consequence of the agency’s economic forecasts and other factors.
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CBO’s Economic Forecasting Record: 2017 Update
CBO’s economic forecasts have been comparable in quality to those of the Administration and the Blue Chip consensus. Large errors in CBO’s forecasts tend to reflect challenges faced by all forecasters.
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CBO’s Projections of Federal Receipts and Expenditures in the National Income and Product Accounts
Federal receipts and expenditures in the national income and product accounts (NIPAs) differ in certain ways from revenues and outlays as shown in the federal budget. This report presents CBO’s baseline projections using the NIPA framework.
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An Analysis of Corporate Inversions
How much do companies benefit from corporate inversions? In this report, CBO analyzes the reasons for and effects of inversions. CBO also projects how inversions and certain other strategies will affect future U.S. corporate tax revenues.
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An Update to the Budget and Economic Outlook: 2017 to 2027
Under current law, deficits in CBO’s baseline projections continue to climb over the next decade, driving up federal debt. Economic growth remains modest, at about 2.0 percent through 2018 and then 1.9 percent later in the period.
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Federal Debt and the Statutory Limit, June 2017
If the debt limit remains unchanged, CBO projects that the Treasury will likely run out of cash in early to mid-October—leading to delays of payments for the government’s programs and activities, a default on its debt obligations, or both.
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Answers to Questions for the Record Following a Hearing on the Budget and Economic Outlook for 2017 to 2027 Conducted by the Senate Committee on the Budget
The Senate Budget Committee convened a hearing at which Director Keith Hall testified about CBO’s report The Budget and Economic Outlook: 2017 to 2027. This document provides CBO’s answers to questions submitted for the record.
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The 2017 Long-Term Budget Outlook
If current laws remained generally unchanged, the United States would face steadily increasing federal budget deficits and debt over the next 30 years—reaching the highest level of debt relative to GDP ever experienced in this country.
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Federal Debt and the Statutory Limit, March 2017
Under current law, as of March 16, the Treasury will be at the statutory borrowing limit and will need to use “extraordinary measures” to continue raising cash. Those measures would probably be exhausted sometime this fall.