An Update to the Budget and Economic Outlook: 2019 to 2029

Congressional Budget Office

No 55551, Reports from Congressional Budget Office

Abstract: CBO estimates that the federal budget deficit for 2019 will be $960 billion. Under current law, budget deficits are projected to average $1.2 trillion a year between 2020 and 2029, boosting debt held by the public to 95 percent of GDP in that year—its highest level since just after World War II. Economic output is projected to grow by 2.3 percent in 2019, supporting strong labor market conditions that feature low unemployment and rising wages. After 2019, in CBO’s projections, economic growth averages 1.8 percent per year, which is less than the historical average.

JEL-codes: E20 E60 E62 E66 H20 H50 H60 H61 H62 H63 H68 (search for similar items in EconPapers)
Date: 2019-08-21
New Economics Papers: this item is included in nep-lma and nep-mac
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