Updated Budget Projections: Fiscal Years 2013 to 2023

May 14, 2013
Report

A robust increase in revenues projected over the next few years will help shrink deficits through 2015. But deficits are projected to rise later in the decade, partly because of pressures of an aging population and rising health care costs.

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Subsequent budget projections appear in Budget and Economic Outlook and Updates.

Data and Supplemental Information

Corrections and Updates

Updated: In July 2013, the Bureau of Economic Analysis (BEA) revised upward the historical values for gross domestic product (GDP); CBO extrapolated from those revisions so that its baseline projections of GDP reflect them. Although CBO's projections of revenues, outlays, deficits, and debt over the 2013-2023 period have not changed since they were issued in May, those amounts measured as a percentage of GDP are now lower as a result of BEA's revisions. An updated version of Table 1 of this report shows those percentages of GDP taking into account BEA’s revisions.