- Blog Post
Today CBO released The 2018 Long-Term Budget Outlook. The report finds that if current laws generally remained unchanged, growing budget deficits would boost debt sharply in coming years.
If current laws remain generally unchanged, CBO projects, federal budget deficits and debt would increase over the next 30 years—reaching the highest level of debt relative to GDP in the nation’s history by far.
- Cost Estimate
As ordered reported by the House Committee on Ways and Means on June 21, 2018
Outlays for mandatory means-tested programs would grow over the next decade at an average annual rate of 4 percent, whereas spending for mandatory non–means-tested programs would grow at an average rate of 6 percent, CBO projects.
- Data and Technical Information
CBOLT is the main analytical tool that CBO uses to make long-term projections of the economy and federal budget. Those projections help shed light on fiscal challenges that extend beyond CBO’s standard 10-year projection window.
- Blog Post
Last Monday, CBO released The Budget and Economic Outlook: 2018 to 2028. This week, CBO is publishing daily blog posts to share key excerpts from the report, and today’s post is about the agency’s projections of federal spending.
In CBO’s projections, the economy grows relatively quickly this year and next and then more slowly in the following several years. The federal budget deficit rises substantially, boosting federal debt to nearly 100 percent of GDP by 2028.
This year, in lieu of publishing a separate report providing additional information on the agency’s long-term projections for Social Security, CBO is publishing the data that it would have presented in that report.
This report explains the changes to CBO’s long-term Social Security projections since last year. Compared with those made in July 2016, CBO’s latest projections indicate a slight improvement in the financial outlook for Social Security.