An Update to the Budget and Economic Outlook: 2024 to 2034

Report

In CBO’s projections, the deficit totals nearly $2 trillion this year. Large deficits push federal debt held by the public to 122 percent of GDP in 2034. Economic growth slows to 2.0 percent in 2024 and 1.8 percent in 2026 and later years.

Data and Supplemental Information

Baseline Projections for Education

Corrections and Updates

  • On October 25, 2024, CBO reposted “Baseline Projections for Other Income Security: Supplemental Nutrition Assistance Program” to add a footnote about replaced benefits.
  • On July 2, 2024, CBO reposted "Baseline Projections for Education: Pell Grant Program" to update numbers in the row labeled "Mandatory-for-Discretionary Budget Authority."
  • On July 2, 2024, CBO reposted "Baseline Projections for Health: Medicaid" to update numbers in the column labeled "Actual, 2023."
  • On June 28, 2024, CBO reposted the file "10-Year Budget Projections" with revised language in Table 3-1 for the categories of net interest under technical changes.