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.
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.