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.