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 2025

(As of )

OUTLAYS

$7.0 Trillion

REVENUES

$5.2 Trillion

DEFICIT

$1.9 Trillion

DEBT HELD BY THE PUBLIC (End of Fiscal Year)

$30.1 Trillion

  • Report

    Extending the 10-year budget projections it published on January 17, 2025, CBO projects that federal debt held by the public, boosted by sustained deficits, will grow far beyond any previously recorded level over the next 30 years.

  • Report

    CBO estimates that if the debt limit remains unchanged, the government’s ability to borrow using established "extraordinary measures" will probably be exhausted in August or September 2025.

  • Graphic

    The federal deficit in 2024 was $1.8 trillion, equal to 6.4 percent of gross domestic product.

  • Report

    To show how variations in economic conditions might affect its budget projections, CBO analyzed how revenues, outlays, and deficits might change if the values of key economic variables differed from those in the agency’s forecast.

  • Report

    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

    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 and JCT have estimated the effects on revenues and spending of many of the President’s budgetary proposals. This report builds on an earlier one that focused on the President’s proposals for discretionary spending.

  • Report

    CBO describes the discretionary spending proposals in the President’s 2025 budget and compares them with CBO’s most recent baseline budget projections, which span the years from 2024 to 2034.

  • Report

    CBO provides information about how its most recent budget projections would change under different assumptions about future legislated policies.

  • Report

    CBO projects that if the debt limit remains unchanged, there is a significant risk that at some point in the first two weeks of June, the government will no longer be able to pay all of its obligations.

  • Report

    The Congressional Budget Act of 1974 requires CBO to prepare estimates of the cost of legislation at certain points in the legislative process. This document provides answers to questions about how CBO prepares those cost estimates.

  • Report

    The Congressional Budget Act of 1974 requires CBO to produce an annual report on federal spending, revenues, and deficits or surpluses. This document provides answers to questions about how CBO prepares those baseline budget projections.

  • Report

    This guide briefly explains—in plain language—the differences between some common budgetary terms.

  • 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.