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.
QUICK LINKS
- 10-YEAR BUDGET PROJECTIONS
- 10-YEAR ECONOMIC PROJECTIONS
- LONG-TERM BUDGET PROJECTIONS
- CBO'S ROLE IN THE BUDGET PROCESS
- BUDGET OPTIONS
- HISTORICAL BUDGET DATA
- MONTHLY BUDGET REVIEW
- GLOSSARY
BUDGET PROJECTIONS FOR FY 2024
(As of )
OUTLAYS | $6.4 Trillion |
|---|---|
REVENUES | $4.9 Trillion |
DEFICIT | $1.5 Trillion |
DEBT HELD BY THE PUBLIC (End of Fiscal Year) | $27.9 Trillion |
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The Long-Term Budget Outlook: 2024 to 2054
The federal budget deficit increases significantly in relation to gross domestic product over the next 30 years, in CBO’s projections, pushing federal debt held by the public far beyond any previously recorded level.
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The Federal Budget in Fiscal Year 2023: An Infographic
The federal deficit in 2023 was $1.7 trillion, equal to 6.3 percent of gross domestic product.
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The Budget and Economic Outlook: 2024 to 2034
In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.
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The 2023 Long-Term Budget Outlook
The U.S. faces a challenging fiscal outlook in the coming years, according to CBO's projections. Measured as a percentage of GDP, large and sustained deficits lead to high and rising federal debt that exceeds any previously recorded level.
See AlsoEmerging from the crisis with sound fiscal policy and optimism - Federal Ministry of Finance - PressFederal Cabinet adopts 2023 federal budget | Federal GovernmentFederal Budget: What it is, How it Works, HistoryAnalysis of the President's FY 2025 Budget | Committee for a Responsible Federal BudgetReport
How the Fiscal Responsibility Act of 2023 Affects CBO’s Projections of Federal Debt
Deficit reductions under the Fiscal Responsibility Act of 2023 reduce projected federal debt in 2033 by about 3 percent, from $46.7 trillion (or 119 percent of gross domestic product, or GDP) to $45.2 trillion (or 115 percent of GDP).
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An Analysis of the Discretionary Spending Proposals in the President’s 2024 Budget
CBO examines how the discretionary spending proposals in the President’s 2024 budget compare with CBO’s most recent baseline budget projections, which span 2023 to 2033.
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Budgetary Outcomes Under Alternative Assumptions About Spending and Revenues
CBO provides information about how its most recent budget projections would change under different assumptions about future legislated policies.
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An Update to the Budget Outlook: 2023 to 2033
CBO’s updated projections show a federal budget deficit of $1.5 trillion for 2023. That estimate is subject to considerable uncertainty, though, in part because of a recent shortfall in tax revenues.
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Federal Debt and the Statutory Limit, May 2023
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.
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How Changes in Economic Conditions Might Affect the Federal Budget: 2023 to 2033
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.
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CBO Describes Its Cost-Estimating Process
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.
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CBO Explains How It Develops the Budget Baseline
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.
Blog Post
CBO Releases Infographics About the Federal Budget in Fiscal Year 2022
View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2022, as well as broader trends in the budget over the past few decades.
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The Budget and Economic Outlook: 2023 to 2033
In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027.
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Options for Reducing the Deficit, 2023 to 2032--Volume I: Larger Reductions
CBO issues a volume describing 17 policy options that would each reduce the federal budget deficit by more than $300 billion over the next 10 years or, in the case of Social Security options, have a comparably large effect in later decades.
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Options for Reducing the Deficit, 2023 to 2032--Volume II: Smaller Reductions
CBO issues a volume that contains short descriptions of 59 policy options that would each reduce the federal budget deficit by less than $300 billion over the next 10 years.
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Common Budgetary Terms Explained
This guide briefly explains—in plain language—the differences between some common budgetary terms.
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Federal Debt: A Primer
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.
