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%

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