CBO estimates that the 2016 deficit will be $544 billion, raising debt held by the public to 76 percent of GDP–the highest level in over fifty years. By 2026, under current law, the debt is projected to reach 86 percent of GDP.

CBO expects the economy’s output to increase by 2.7 percent this year and 2.5 percent in 2017, but it anticipates slower growth in subsequent years, mainly because of slow growth in the labor supply.

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Under the Department of Defense’s (DoD’s) five-year plan spanning the years 2016 through 2020, inflation-adjusted costs for the department’s base budget would be roughly constant over that period, CBO estimates. Costs would climb thereafter, primarily because of DoD’s plans to develop and purchase new weapons. The Administration’s planned budgets for DoD and other national defense activities exceed the limits set by the Budget Control Act beginning in 2017.

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View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2015, as well as broader trends in the budget over the past few decades.

The Federal Budget in 2015
Mandatory Spending in 2015
Discretionary Spending in 2015
Revenues in 2015

This report presents additional information about CBO’s long-term projections for Social Security’s revenues and outlays and its analysis of benefits and payroll taxes for recipients grouped by birth year and lifetime earnings.

Under current law, CBO projects, Social Security’s trust funds, considered together, will be exhausted in 2029, and shortfalls will be larger than CBO projected in last year’s edition of this report.

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This report analyzes 36 policy options that are among those commonly proposed by policymakers and analysts, presenting their effects on the Social Security System’s finances and on people born at various times and with different amounts of earnings. Although most of the options would improve Social Security’s long-term finances, only a few would significantly postpone the combined trust funds’ exhaustion date. No individual option by itself could create long-term stability for the Social Security program.

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The Budget and Economic Outlook: 2016 to 2026
Long-Term Implications of the 2016 Future Years Defense Program
CBO Releases New Budget Infographics
CBO’s 2015 Long-Term Projections for Social Security: Additional Information
Social Security Policy Options, 2015