Each year, CBO updates its projections of the Social Security system’s finances. CBO’s latest projections of the Social Security system’s financial outlook are similar to those it produced last year. The projected 75-year actuarial balance remains at −1.5 percent of gross domestic product. As a percentage of taxable payroll, the projected actuarial balance worsened slightly from −4.4 percent to −4.6 percent. Although CBO and the Social Security trustees both project that Social Security spending would grow substantially in the coming decades, CBO projects larger deficits in Social Security’s finances than do the trustees.