On June 3, President Biden signed into law the Fiscal Responsibility Act of 2023 (FRA), which suspends the limit on federal debt through January 1, 2025, and makes a number of changes that affect federal spending and revenues. CBO provided an assessment of the budgetary effects of that act in a letter dated May 30.
This report builds on that earlier assessment by showing how those budgetary effects change projections of federal debt. Specifically, the $1.5 trillion reduction in projected deficits estimated to result from the FRA over the next 10 years reduces projected federal debt held by the public in 2033 by about 3 percent, from $46.7 trillion (or 119 percent of gross domestic product, or GDP) to $45.2 trillion (or 115 percent of GDP).
MAJOR RECURRING REPORTSView All
Legislation Enacted in the Second Session of the 117th Congress That Affects Mandatory Spending or Revenues
CBO’s Projections of Federal Receipts and Expenditures as Measured by the National Income and Product Accounts: 2022 to 2032
CBO is strictly nonpartisan; conducts objective, impartial analysis; and hires its employees solely on the basis of professional competence without regard to political affiliation. CBO does not make policy recommendations, and each report and cost estimate summarizes the methodology underlying the analysis.Read more about us