The federal budget deficit totaled $838 billion in the first four months of fiscal year 2025, CBO estimates. That amount is $306 billion more than the deficit recorded during the same period last fiscal year.
CBO Blog
CBO provides additional details about the economic forecast it published on January 17, 2025, in The Budget and Economic Outlook: 2025 to 2035.
CBO examines trends in revenues and outlays associated with unemployment insurance and provides information about how CBO treats that program in its baseline projections and cost estimates.
CBO’s Director, Phillip Swagel, discusses the current budget and economic outlook.
In CBO’s projections, the federal budget deficit is $1.9 trillion this year, and federal debt rises to 118 percent of GDP in 2035. Economic growth slows and inflation declines over the next two years; both remain moderate after 2026.
CBO Director Phillip Swagel describes the agency's primary responsibilities, explains how CBO can help Member offices, emphasizes the agency’s commitment to transparency, and lists what’s forthcoming from CBO.
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire. This data file covers legislation enacted through September 30, 2024. A full report will be issued later this year.
In this report, the latest in a quarterly series, CBO highlights its recent publications and summarizes its work in progress.
In CBO’s projections, the U.S. population increases from 350 million people in 2025 to 372 million in 2055, and the average age rises. Beginning in 2033, annual deaths exceed annual births, and net immigration accounts for the growth.
The federal budget deficit totaled $710 billion in the first quarter of fiscal year 2025, the CBO estimates. That amount is $200 billion more than the deficit recorded during the same period last fiscal year.