The Budget and Economic Outlook: 2018 to 2028


In CBO’s projections, the economy grows relatively quickly this year and next and then more slowly in the following several years. The federal budget deficit rises substantially, boosting federal debt to nearly 100 percent of GDP by 2028.

Subsequent projections appear in Budget and Economic Outlook and Updates.

Data and Supplemental Information

Baseline Projections for Education

Baseline Projections for Health

Corrections and Updates

On April 17, 2018, CBO reposted this report with a corrected value of 0.9 million jobs for the effect of the 2017 tax act on average nonfarm payroll employment during the 2018–2028 period. That correction was made on pages 2, 13, and 125. In reporting the original number, 1.1 million, CBO inadvertently included some effects of historical data released after the act was passed. The effect on total nonfarm employment for each year of the period was also corrected in Table B-2 on page 115. The corrections do not materially affect CBO’s estimates of the tax act’s other effects on the economy or the federal budget.

On May 4, 2018, CBO reposted the file of spending projections by budget account with corrections to budget authority and outlays for certain accounts.

On April 12, 2019, CBO reposted the file for the report with corrections to Table 1-2, along with the file of potential GDP and underlying inputs with the same corrections. The changes correct errors in the calculations of the contributions of labor and capital to growth in nonfarm business output, as well as errors in other calculations that result from those.