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.
CBO analyzes the hypersonic missiles being developed by the U.S. military and compares them with less expensive existing or potential weapons that might fill similar roles, such as cruise missiles or ballistic missiles.
CBO will release "The Budget and Economic Outlook: 2023 to 2033" and "Federal Debt and the Statutory Limit, February 2023," at 2 p.m. EST on February 15.
In CBO’s projections, the U.S. population increases from 336 million people in 2023 to 373 million people in 2053. Population growth is increasingly driven by net immigration, which accounts for all population growth beginning in 2042.
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire. This information covers legislation enacted through September 30, 2022. A full report will be issued later this year.
CBO analyzes the Department of Defense’s (DoD’s) plans for 2023 through 2027 as presented in the 2023 Future Years Defense Program and projects that DoD’s costs would increase by 9 percent from 2027 to 2037 without the effects of inflation.
The federal budget deficit was $418 billion in the first quarter of fiscal year 2023, CBO estimates—$41 billion more than the shortfall recorded during the same period last year.
In its July 2021 projections for fiscal year 2022, CBO underestimated revenues by 10 percent and outlays by 5 percent. CBO’s projection of the federal budget deficit for 2022 was more than the actual amount by 0.8 percent of GDP.
CBO Director Phillip Swagel describes the agency's role in supporting Congress, lists what’s forthcoming from CBO, highlights the latest budget options volumes and a revamped cost estimates page, and emphasizes a commitment to transparency.