Taxes
- Blog Post
Director’s Statement on the Budget and Economic Outlook for 2025 to 2035
CBO’s Director, Phillip Swagel, discusses the current budget and economic outlook.
- Report
The Budget and Economic Outlook: 2025 to 2035
In CBO’s projections, the federal budget deficit is $1.9 trillion this year, and federal debt rises to 118 percent of GDP in 2035. Economic growth slows and inflation declines over the next two years; both remain moderate after 2026.
- Report
The Accuracy of CBO’s Budget Projections for Fiscal Year 2024
In its May 2023 budget projections for fiscal year 2024, CBO underestimated revenues by 1 percent and outlays by 6 percent. CBO’s projection of the federal budget deficit for 2024 was less than the actual amount by 1.1 percent of GDP.
- Report
Reconciling the Official Poverty Measure and CBO’s Distributional Analysis of Household Income
CBO examines how its method for analyzing the distribution of household income differs from the Census Bureau’s method for calculating the official poverty measure. The most important differences stem from what each method counts as income.
- Report
How Increased Use of Gene Therapy Treatment for Sickle Cell Disease Could Affect the Federal Budget
Gene therapies replace or modify disease-causing genes in human cells. In this report, CBO discusses how it would estimate the budgetary effects of policies that sought to increase the use of gene therapy treatment for sickle cell disease.
- Report
Artificial Intelligence and Its Potential Effects on the Economy and the Federal Budget
CBO provides an overview of the channels through which the adoption of artificial intelligence could affect the U.S. economy and the federal budget.
- Report
Effects of Illustrative Policies That Would Increase Tariffs
CBO provides a preliminary assessment of the budgetary, economic, and distributional effects of three policies that would raise tariff rates on goods imported into the United States.
- Report
Options for Reducing the Deficit: 2025 to 2034
CBO periodically issues a compendium of policy options and their estimated effects on the federal budget. This report presents 76 options for altering spending or revenues to reduce federal budget deficits over the next decade.
- Report
CBO’s Projections of Federal Receipts and Expenditures in the National Income and Product Accounts: 2025 to 2034
This report presents CBO’s projections of revenues and outlays for the 2025–2034 period translated into the framework of the national income and product accounts and their categories of current receipts and expenditures.
- Report
An Evaluation of CBO’s Projections of Deficits and Debt From 1984 to 2023
CBO assesses the quality of the baseline projections of deficits and debt that it has made each spring from 1984 to 2023.