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- Report
CBO analyzed eight scenarios that differ from those underlying the agency’s long-term baseline budget projections—six that vary economic outcomes, one that varies budgetary outcomes, and one that limits Social Security benefits.
- Report
In CBO’s projections, spending for Social Security increases relative to GDP over the next 75 years, and the gap between outlays and revenues widens. If combined, the program’s trust funds would be exhausted in fiscal year 2033.
- Report
The U.S. faces a challenging fiscal outlook in the coming years, according to CBO's projections. Measured as a percentage of GDP, large and sustained deficits lead to high and rising federal debt that exceeds any previously recorded level.
- Blog Post
CBO will release its long-term budget projections on June 28 and an update to its economic forecast for the next three years on July 31.
- Report
CBO examines how the discretionary spending proposals in the President’s 2024 budget compare with CBO’s most recent baseline budget projections, which span 2023 to 2033.
- Report
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.
- Blog Post
CBO will release a report updating its 10-year budget baseline on May 12, and an analysis of the President’s 2024 discretionary proposals on May 18. Also in May, CBO will release an updated report on federal debt and the statutory limit.
- Report
In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027.
- Report
CBO analyzes the Department of Defense’s (DoD’s) plans for 2023 through 2027 as presented in the 2023 Future Years Defense Program and projects that DoD’s costs would increase by 9 percent from 2027 to 2037 without the effects of inflation.
- Report
In CBO’s projections, spending on Social Security exceeds revenues to the program in 2022 and increases relative to GDP over the next 75 years, while revenues remain stable. If combined, the program’s trust funds would be exhausted in 2033.