Budget

CBO's regular budget publications include semiannual reports on the budget and economic outlook, annual reports on the President's budget and the long-term budget picture, and a biannual set of options for reducing budget deficits. CBO also prepares cost estimates and mandate statements for nearly all bills that are reported by Congressional committees. Numerous analytic studies provide more in-depth analysis of specific budgetary issues.

BUDGET PROJECTIONS FOR FY 2021

(As of )

OUTLAYS

$5.8 Trillion

REVENUES

$3.5 Trillion

DEFICIT

$2.3 Trillion

DEBT HELD BY THE PUBLIC (End of Fiscal Year)

$22.5 Trillion

  • Report

    If current laws governing taxes and spending generally remain unchanged, CBO projects, in 2021, the federal budget deficit will total $2.3 trillion, federal debt will reach 102 percent of GDP, and real GDP will grow by 3.7 percent.

  • Report

    The federal budget deficit was $738 billion in the first four months of fiscal year 2021, CBO estimates—$348 billion more than the deficit recorded during the same period last year.

  • Report

    CBO periodically issues a compendium of policy options and their effects on the federal budget. This document provides estimates of the budgetary savings from 83 options that would decrease federal spending or increase federal revenues.

  • Report

    CBO presents its projections of what federal deficits, debt, spending, and revenues would be for the next 30 years if current laws governing taxes and spending generally did not change.

  • Report

    CBO projects a federal budget deficit of $3.3 trillion in 2020, more than triple the shortfall recorded in 2019, mostly because of the economic disruption caused by the 2020 coronavirus pandemic and the enactment of legislation in response.

  • Blog Post

    View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2019, as well as broader trends in the budget over the past few decades.

  • Report

    On February 10, the Administration transmitted its annual set of budgetary proposals to the Congress. CBO estimates that in the coming decade deficits under those proposals would be smaller and debt held by the public would be lower than amounts in CBO’s baseline projections—but larger than the Administration projected. CBO’s estimates do not account for changes to the nation’s economic or fiscal outlook arising from the recent public health emergency.

  • Report

    From the end of 2008 to 2019, the amount of federal debt held by the public nearly tripled. This report describes federal debt, various ways to measure it, CBO’s projections for the coming decade, and the consequences of its growth.

  • Report

    In CBO’s projections of the outlook under current law, deficits remain large by historical standards, federal debt grows to 98 percent of GDP by 2030, and the economy expands at an average annual rate of 1.7 percent from 2021 to 2030.