An Analysis of the President's 2015 Budget

The President's proposals would, relative to CBO's current-law baseline, boost deficits from 2014 through 2016 but reduce them from 2017 through 2024, CBO and JCT estimate. Deficits would total $6.6 trillion between 2015 and 2024, $1.0 trillion less than the cumulative deficit in CBO's baseline.

Federal debt held by the public would equal 74 percent of GDP at the end of 2024, the same as it is expected to be at the end of 2014.

Read the report

Comparison of CBO and JCT's Estimates of the Net Budgetary Effects of the Coverage Provisions of the Affordable Care Act

Updated Estimates of the Effects of the Insurance Coverage Provisions of the Affordable Care Act, April 2014

CBO and the staff of the Joint Committee on Taxation have lowered their estimates of the net federal cost of the ACA’s insurance coverage provisions.

As reflected in CBO’s April 2014 baseline, the agencies now project a cost of $36 billion for 2014, $5 billion less than the projection made in February; and close to $1.4 trillion for the 2015–2024 period, about $100 billion less than the February projection.

Read the report

Federal Debt Held by the Public

Updated Budget Projections: 2014 to 2024

Under current law, the deficit will decrease to $492 billion in 2014, CBO projects, as revenues continue rebounding from their low in the recession.

But beginning in 2016, deficits will rise again—largely because of an aging population, rising health care costs, an expansion of federal subsidies for health insurance, and growing interest payments. By 2024, debt will reach 78 percent of GDP, twice the average of the past four decades.

Read the report

Real Potential Gross Domestic Product

Revisions to CBO’s Projection of Potential Output Since 2007

CBO’s projection of the nation’s potential output—that is, the maximum sustainable amount of real (inflation-adjusted) gross domestic product that the economy can produce—is lower now than it was several years ago. For example, the agency’s projection for 2017 is about 7 percent lower than its projection in January 2007. This report explains the reasons for that change.

Read the report

The Effects of a Minimum-Wage Increase on Employment and Family Income

Increasing the minimum wage would have two principal effects on low-wage workers. Most of them would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the poverty threshold. But some jobs for low-wage workers would probably be eliminated, the income of most workers who became jobless would fall substantially, and the share of low-wage workers who were employed would probably fall slightly.

Read the report

Find Analyses

View our cost estimates or search for our reports on specific topics.

Get Data

See our latest budget projections, long-term budget outlook, and historical budget data. Get our projections of the economy and health care spending.

Stay Connected

Visit the CBO Blog, follow us on Twitter, subscribe to our RSS feed, or sign up for email alerts about our work.