An Update to the Budget Outlook: 2023 to 2033


CBO’s updated projections show a federal budget deficit of $1.5 trillion for 2023. That estimate is subject to considerable uncertainty, though, in part because of a recent shortfall in tax revenues.

Data and Supplemental Information

Baseline Projections for Education

Baseline Projections for Health

Corrections and Updates

On May 18, 2023, CBO reposted the table “Baseline Projections: Pell Grant Program” to update amounts for estimated program costs and the estimated surplus entering fiscal year 2024. On May 25, 2023, CBO reposted the table “Baseline Projections: USDA Mandatory Farm Programs” to show the correct Effective Reference Prices for certain commodities.