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CBO’s Current View of the Economy From 2023 to 2025

CBO provides details about the agency's most recent projections of the economy through 2025, which reflect economic developments as of December 5, 2023. In CBO’s latest projections, output growth slows in 2024 and rebounds in 2025. Labor market conditions soften in 2024. Inflation continues to slow over the next two years and approaches the Federal Reserve’s target rate of 2 percent. Interest rates on Treasury securities peak in 2024 and then recede through 2025.

Compared with its February 2023 projections, CBO’s current projections exhibit weaker growth, lower unemployment, and higher interest rates in 2024 and 2025.

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MAJOR RECURRING REPORTS

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Expired and Expiring Authorizations of Appropriations for Fiscal Year 2024—Information for Legislation Enacted Through September 30, 2023

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CBO’s Recent Publications and Work in Progress as of December 31, 2023

Monthly Budget Review: December 2023

The Accuracy of CBO’s Budget Projections for Fiscal Year 2023

The Distribution of Household Income in 2020

The U.S. Military’s Force Structure: Fiscal Year 2024 Update to Personnel Numbers and Costs

An Analysis of the Navy’s Fiscal Year 2024 Shipbuilding Plan

Long-Term Implications of the 2024 Future Years Defense Program

Federal Subsidies for Health Insurance: 2023 to 2033

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CBO’s Projections of Federal Receipts and Expenditures in the National Income and Product Accounts: 2023 to 2033

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Estimates of the Cost of Federal Credit Programs in 2024

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Sequestration Update Report: August 2023

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An Update to the Economic Outlook: 2023 to 2025

Projected Costs of U.S. Nuclear Forces, 2023 to 2032

CBO’s Economic Forecasting Record: 2023 Update

CBO’s 2023 Long-Term Projections for Social Security

The 2023 Long-Term Budget Outlook

Automatic Stabilizers in the Federal Budget: 2023 to 2033

An Analysis of the Discretionary Spending Proposals in the President’s 2024 Budget

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Federal Debt and the Statutory Limit, May 2023

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Report on the Troubled Asset Relief Program–April 2023

Transparency at CBO: Future Plans and a Review of 2022

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Legislation Enacted in the Second Session of the 117th Congress That Affects Mandatory Spending or Revenues

The Congressional Budget Office’s Request for Appropriations for Fiscal Year 2024

The Demographic Outlook: 2023 to 2053

Options for Reducing the Deficit, 2023 to 2032--Volume I: Larger Reductions

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Federal Mandatory Spending for Means-Tested Programs, 2009 to 2029

Public Spending on Transportation and Water Infrastructure, by Level of Government

Public Spending on Transportation and Water Infrastructure, 1956 to 2017

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A Review of CBO’s Activities in 2014 Under the Unfunded Mandates Reform Act

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Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output in 2014

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ABOUT CBO

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.
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