An Update to the Budget and Economic Outlook: 2021 to 2031
If current laws generally remain unchanged, the federal budget deficit will total $3.0 trillion and federal debt will reach 103 percent of GDP in fiscal year 2021, CBO estimates, and real GDP will grow by 7.4 percent in calendar year 2021.
The Congressional Budget Office regularly publishes reports presenting projections of what federal budget deficits, debt, revenues, and spending—and the economic path underlying them—would be for the current year and for the following 10 years if current laws governing taxes and spending generally remained unchanged. This report presents the agency’s most recent budget and economic projections, which are based on the laws in effect as of May 18, 2021. This presentation of CBO’s projections is much shorter than usual. The information is less detailed so that CBO can provide it to lawmakers as quickly as possible. CBO will publish more detailed information about its projections later this month.