As usual, CBO has produced spring baseline budget projections to reflect recent legislation and technical changes. Those projections are based on the agency’s January economic forecast and do not account for changes arising from the current public health emergency.
CBO’s spring budget projections are based on the economic forecast that the agency developed in January 2020, and they incorporate legislation enacted through March 6, 2020, as well as various technical adjustments based on new information available prior to that date (such as program details released in conjunction with the President’s budget). The budget projections provided in this update do not account for changes to the nation’s economic outlook and fiscal situation arising from the recent and rapidly evolving public health emergency related to the novel coronavirus.
The tables included in this document show the agency’s projections for the budget by major category, federal debt held by the public, a set of key projections, and details about mandatory and discretionary spending. The changes since the January projections are discussed below.