December 19, 2025
The Congressional Budget Office will begin the new calendar year with a series of reports that offers updated insights into the nation's demographic trends, economic outlook, and budgetary conditions.
Here's what to expect in the coming weeks:
- January 7 — The Demographic Outlook: 2026 to 2056. CBO's annual projections of the size and composition of the U.S. population, reflecting laws and policies as of September 30, 2025. The report also outlines how those estimates have changed since the ones CBO released in January 2025 and updated in September 2025. CBO's demographic projections inform the agency's 10-year baseline, described in the Budget and Economic Outlook, and its 30-year extended baseline, described in the Long-Term Budget Outlook.
- January 8 — CBO's Current View of the Economy From 2026 to 2028. CBO's latest projections of economic growth, employment, and inflation through 2028, reflecting laws and economic developments as of December 3, 2025. Projections for the full 2026–2036 period will be published as part of the Budget and Economic Outlook in February.
- January 9 — Monthly Budget Review: December 2025. A summary of revenues, outlays, and the deficit for the first quarter of fiscal year 2026.
- January 13 — Recent Publications and Work in Progress. A quarterly update highlighting CBO's latest reports and ongoing projects.
- By January 15 — Expired and Expiring Authorizations of Appropriations: 2026 Preliminary Report. A sortable data file listing all nonpermanent authorizations of appropriations that have expired or are set to expire under current law. The data cover legislation enacted through September 30, 2025, or the end of fiscal year 2025.
- Mid-January — The Accuracy of CBO's Budget Projections for Fiscal Year 2025. CBO's review, after the fiscal year has ended, of how its projections of federal spending, revenues, and deficits compare with actual budgetary results—undertaken to help improve future estimates.
- February 11 — The Budget and Economic Outlook: 2026 to 2036. CBO's annual baseline report, providing updated projections of federal spending, revenues, deficits, and debt over the next decade, as well as economic projections for the 2026–2036 period. The estimates reflect major policy changes in effect as of December 3, 2025—including the 2025 reconciliation act, higher tariff rates, and reduced net immigration. The Outlook describes how CBO's budget and economic projections have changed since the agency's January 2025 baseline projections and offers analysis of the budgetary and economic effects of the 2025 reconciliation act, along with updated information on federal trust funds.
For the latest news on upcoming releases, please visit CBO's Press Center.
Caitlin Emma is CBO's Chief of Media Relations.