CBO estimates that the federal budget deficit in 2016 will be $544 billion, raising debt held by the public to 76 percent of GDP. Solid short-term growth in the economy is projected to be followed by slower growth in subsequent years.
January 2016
CBO will release its annual Budget and Economic Outlook report at 2 p.m. today on the agency’s website as scheduled.
CBO will publish a summary of its annual Budget and Economic Outlook report at 11 a.m. today on the agency’s website. The complete report will be released next week on Monday, January 25, at 2 p.m.
CBO reports annually to the Congress on programs funded for the current fiscal year whose authorizations of appropriations have expired and on programs whose authorizations of appropriations will expire during the current fiscal year.
The Department of Defense’s five-year plan calls for budgets averaging $534 billion (in 2016 dollars) from 2016 through 2020, but they would average $565 billion per year from 2021 through 2030 under the department’s cost assumptions.
The federal budget deficit was $212 billion for the first three months of fiscal year 2016, CBO estimates.
CBO will publish a summary of its annual Budget and Economic Outlook report at 11 a.m. on Tuesday, January 19. The brief summary will include updated budget and economic projections spanning the period from 2016 to 2026.
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.