Testimony on The Budget and Economic Outlook: 2026 to 2036
Report
CBO Director Phillip Swagel testifies about the agency's most recent analysis of the outlook for the budget and the economy before the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth.
This testimony summarizes CBO's new baseline budget projections and economic forecast, which the agency released on February 11.
CBO regularly publishes reports presenting its baseline projections of what the federal budget and the economy would look like in the current year and over the next 10 years if laws governing taxes and spending generally remained unchanged. The budget projections are based on CBO's economic forecast, which reflects trade policy as of November 20, 2025, and economic developments and laws in place as of December 3, 2025. The budget projections also incorporate the effects of laws in place as of January 14, 2026. (CBO's projections do not include the effects of appropriation acts passed by the House and Senate after January 14, 2026.)
