The 2021 Long-Term Budget Outlook

Congressional Budget Office

No 56977, Reports from Congressional Budget Office

Abstract: By the end of fiscal year 2021, federal debt held by the public is projected to equal 102 percent of gross domestic product (GDP). If current laws governing taxes and spending generally remained unchanged, debt would equal 107 percent of GDP in 2031, its highest level in the nation’s history, CBO projects. Growth in outlays would outpace growth in revenues in subsequent decades, leading to growing budget deficits over the long term. As a result, federal debt would continue to increase, exceeding 200 percent of GDP by 2051.

JEL-codes: E20 E60 E61 E62 E66 H50 H51 H53 H55 H60 H61 H62 H63 H68 (search for similar items in EconPapers)
Date: 2021-03-04
New Economics Papers: this item is included in nep-mac and nep-pub
References: Add references at CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
https://www.cbo.gov/system/files/2021-03/56977-LTBO-2021.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cbo:report:56977

Access Statistics for this paper

More papers in Reports from Congressional Budget Office Contact information at EDIRC.
Bibliographic data for series maintained by ().