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.
Outlook for the Budget and the Economy
- Blog Post
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.
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.
CBO projects that the economic expansion that began in mid-2020 will continue. Real GDP is projected to return to its prepandemic level in mid-2021. The number of people employed is projected to return to its prepandemic level in 2024.
By providing financial support to households, businesses, and state and local governments, federal laws enacted in response to the 2020 coronavirus pandemic will offset part of the deterioration in economic conditions brought about by the pandemic.
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.