![]() Revenues are roughly stable after 2027 they total 18.1 percent of GDP in 2033.ĭebt held by the public is projected to rise in relation to the size of the economy each year, reaching 118 percent of GDP by 2033-which would be the highest level ever recorded. They then decline over the next two years before increasing after 2025, when certain provisions of the 2017 tax act expire. Revenues amount to 18.3 percent of GDP in 2023. Outlays increase from 23.7 percent of GDP in 2023 (a high level by historical standards) to 24.9 percent in 2033, largely because of rising interest costs and greater spending on programs that provide benefits to elderly people. In CBO’s projections, outlays and revenues measured as a percentage of GDP equal or exceed their 50-year averages through 2033. After 2027, deficits increase again, reaching 6.9 percent of GDP in 2033-a level exceeded only five times since 1946 (see Chapter 1). The deficit amounts to 5.3 percent of gross domestic product (GDP) in 2023, swells to 6.1 percent of GDP in 20, and then declines in the two years that follow. (Deficits and spending have been adjusted to exclude the effects of shifts that occur in the timing of certain payments when October 1 falls on a weekend.) In the agency’s projections, deficits generally increase over the coming years the shortfall in 2033 is $2.7 trillion. CBO projects a federal budget deficit of $1.4 trillion for 2023. This report is the latest in that series. The Congressional Budget Office regularly publishes reports presenting its baseline projections of what the federal budget and the economy would look like in the current year and over the next 10 years if current laws governing taxes and spending generally remained unchanged. How Student Loan Forgiveness Affects Deficits and Debt Economic Effects of Recent Changes in Fiscal Policy ![]() Details About CBO’s Long-Term Budget Projections Key Changes in CBO’s Technical Projections Since May 2022 Key Changes in CBO’s Economic Forecast Since May 2022 Changes in CBO’s Baseline Projections of the 10-Year Deficit Since May 2022 Comparison of CBO’s Economic Forecasts With Those of the Federal Reserve Comparison of CBO’s Forecasts of Inflation With Those in the Survey of Professional Forecasters Comparison of CBO’s Forecasts of Output, Unemployment, and Interest Rates With Those in the Survey of Professional Forecasters Comparison of CBO’s Economic Forecasts With Those of the Blue Chip Forecasters Uncertainty of CBO’s Projections of Output, Unemployment, Inflation, and Interest Rates Composition of the Growth of Real Potential GDP Overall Inflation, Core Inflation, and Contributions to Overall Inflation Employment, Unemployment, Labor Force Participation, and Wage Growth Uncertainty of CBO’s Baseline Projections of the Budget Deficit Estimated Outlays, Revenues, and Tax Expenditures in 2023 Federal Debt Held by the Public, 1900 to 2053 Total Deficits, Primary Deficits, and Net Interest Outlays CBO’s Economic Projections, by Fiscal Year CBO’s Economic Projections, by Calendar Year Changes in CBO’s Baseline Projections of the Deficit Since May 2022 Comparison of CBO’s Projections of Probabilities for the Unemployment Rate With Those in the Survey of Professional Forecasters CBO’s Current and Previous Economic Projections for Calendar Years 2022 to 2032 Key Inputs in CBO’s Projections of Real Potential GDP Projected Growth of Real GDP and Its Components CBO’s Economic Projections for Calendar Years 2023 to 2033 Key Projections in CBO’s Baseline, Adjusted to Exclude Effects of Timing Shifts, Through 2053 CBO’s Baseline Projections of Smaller Sources of Revenues CBO’s Baseline Projections of Discretionary Spending, Adjusted to Exclude Effects of Timing Shifts CBO’s Baseline Projections of Mandatory Outlays, Adjusted to Exclude Effects of Timing Shifts CBO’s Baseline Projections of Federal Debt CBO’s Baseline Projections of Outlays and Deficits, Adjusted to Exclude Effects of Timing Shifts CBO’s Baseline Budget Projections, by Category Appendix B: CBO’s Economic Projections for 2023 to 2033.Appendix A: Changes in CBO’s Baseline Projections Since May 2022.Comparison With Other Economic Projections.Comparison With CBO’s May 2022 Economic Projections.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |