CBO's Budget and Economic Outlook—usually produced in January each year and updated in August—includes projections of spending and revenues under current law over the next 10 years as well as an economic forecast for that period. CBO also typically prepares an update of its budget projections in March each year in conjunction with its analysis of the President's budgetary proposals. Those projections under current law provide the Congress with a benchmark against which to measure the effects of proposed changes in spending and tax laws.
Budget and Economic Outlook
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The Budget and Economic Outlook: Fiscal Years 2013 to 2023Feb 2013 - Under current law, federal debt will stay at historically high levels relative to the economy, CBO projects. Economic growth will be slow in 2013 but pick up thereafter. Even so, the unemployment rate will be above 7.5 percent through 2014.
Choices for Deficit ReductionNov 2012 - Putting the federal budget on a more sustainable path is likely to require a combination of policies, many of which may stand in stark contrast to policies now in place.
Economic Effects of Policies Contributing to Fiscal Tightening in 2013Nov 2012 - Significant tax increases and spending cuts are slated to take effect in January 2013, sharply reducing the federal budget deficit and causing, by CBO’s estimates, a decline in economic output and an increase in unemployment.
Long-Term Budget OutlookJun 2012 - The explosive path of federal debt under the fiscal scenario that many budget analysts believe is more representative of fiscal policies that are now or have recently been in effect underscores the need for large policy changes to put the federal government on a sustainable course.
The U.S. Federal BudgetDec 2011 - CBO published an infographic that provided an overview of the federal budget in fiscal year 2011. The agency has released three additional infographics that provide a more detailed look at federal revenues and at mandatory and discretionary spending in 2011.
latest work
A Tour of the Federal Budget and Possible Changes in Budget Policy
presentationApril 26, 2013Snapshot of Foster Care, Adoption Assistance, and Guardianship Assistance
blog postApril 18, 2013Snapshot of Spending for Military Retirement Pay
blog postApril 17, 2013Snapshot of the Supplemental Nutrition Assistance Program
blog postApril 16, 2013Projected Spending and Revenues in Historical Context
blog postMarch 28, 2013Total Factor Productivity Growth in Historical Perspective: Working Paper 2013-01
working paperMarch 18, 2013Snapshot of Guarantees of New Residential Mortgages
blog postMarch 15, 2013Snapshot of Guarantees of New Residential Mortgages
imageMarch 15, 2013
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.