The Accuracy of CBO’s Budget Projections for Fiscal Year 2023


In its May 2022 projections for fiscal year 2023, CBO overestimated revenues by 11 percent and underestimated outlays by 9 percent. CBO’s projection of the federal deficit for 2023 was less than the actual amount by 3.9 percent of GDP.

Data and Supplemental Information

Corrections and Updates

The Congressional Budget Office has corrected this report since its original publication. The correction is described at the end of the report.