In CBO’s projections, the federal budget deficit equals $1.0 trillion in 2020 and averages $1.3 trillion per year over the 2021–2030 period, under the assumption that existing laws governing taxes and spending generally remain unchanged. Because of those large deficits, federal debt held by the public is projected to grow from 79 percent of GDP in 2019 to 98 percent of GDP in 2030. By 2050, debt would be 180 percent of GDP—far higher than it has ever been.
Real (inflation-adjusted) GDP is projected to grow by 2.2 percent in 2020, driven largely by consumer spending and a rebound in fixed investment. And it is projected to grow by 1.7 percent per year, on average, over the following decade, about the rate that CBO projects for potential growth.