Outlook for the Budget and the Economy

CBO's Budget and Economic Outlook, typically produced in January each year and updated in August, includes an economic forecast and projections of spending and revenues under current law—known as baseline projections—over the next 10 years. CBO also updates its budget projections each spring in conjunction with its analysis of the President's budgetary proposals. By showing outcomes if current laws generally remained in place, the baseline projections provide the Congress with a benchmark against which to measure the effects of proposed changes in spending and tax laws. CBO also analyzes the long-term budget outlook.

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BUDGET PROJECTIONS FOR FY 2022

(As of )

OUTLAYS

$5.9 Trillion

REVENUES

$4.8 Trillion

DEFICIT

$1.0 Trillion

DEBT HELD BY THE PUBLIC (End of Fiscal Year)

$24.2 Trillion

ECONOMIC PROJECTIONS FOR CY 2022

(As of )

REAL GDP GROWTH (Q4/Q4)

3.1%

INFLATION (PCE Price Index, Q4/Q4)

4.0%

UNEMPLOYMENT RATE (Q4)

3.7%

INTEREST RATE (3-Month Treasury Bills, Q4)

1.4%

  • Report
    The Budget and Economic Outlook: 2022 to 2032

    In CBO’s projections, assuming that current laws generally remain unchanged, the federal deficit totals $1.0 trillion in fiscal year 2022 and averages $1.6 trillion per year from 2023 to 2032. Real GDP grows by 3.1 percent this year.

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    Blog Post
    CBO to Publish Budget and Economic Projections on May 25

    CBO will publish The Budget and Economic Outlook: 2022 to 2032 at 2:00 p.m. EDT on Wednesday, May 25. A press briefing for credentialed members of the press will be held from 3:00 to 4:00 p.m. that day.

  • Report
    The 2021 Long-Term Budget Outlook

    CBO presents its projections of the federal budget for the next 30 years if current laws governing taxes and spending generally did not change. Growth in revenues would be outpaced by growth in spending, leading to rising deficits and debt.

  • United States Capitol Building in Washington, DC
    Report
    Budgetary Outcomes Under Alternative Assumptions About Fiscal Policy

    In this report, CBO provides information about how its most recent budget projections would change under alternative assumptions about future fiscal policies and estimates the possible budgetary outcomes.