February 2023

CBO summarizes in graphic form its projections of what the economy would look like this year and over the next decade if current laws governing federal taxes and spending generally remained in place.

For fiscal year 2024, CBO is requesting an appropriation of $70.8 million, up from the $63.2 million that it received for 2023. The request reflects strong interest in CBO’s work from Congressional leadership, committees, and Members.

CBO Director Phillip Swagel discusses the current budget and economic outlook.

In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027.

CBO projects that, if the debt limit is not raised or suspended, the government’s ability to issue additional debt—other than to replace maturing securities—will be exhausted between July and September 2023.

CBO reexamines the availability and use of the Department of Defense’s F-35 fighter aircraft and presents new findings on availability rates, flying hours, and effects of aging.

CBO compares the availability and use of the Navy’s F/A-18E/F Super Hornet fighter aircraft with the availability and use of their predecessor F/A-18C/D Hornets and other aircraft. Super Hornets have aged more adversely than the F/A-18C/Ds.

The federal budget deficit was $459 billion in the first four months of fiscal year 2023, CBO estimates—$200 billion more than the shortfall recorded during the same period last year.

CBO reports annually on programs whose authorizations of appropriations have already expired or will expire. This information covers legislation enacted through January 5, 2023. A full report will be issued in the spring.