An Update to the Budget Outlook: 2023 to 2033

Congressional Budget Office

No 59096, Reports from Congressional Budget Office

Abstract: CBO’s updated projections show a federal budget deficit of $1.5 trillion for 2023. That estimate is subject to considerable uncertainty, in part because of a recent shortfall in tax revenues. In the agency’s projections, annual deficits nearly double from 2024 to 2033. As a result, debt held by the public grows significantly, from 98 percent of gross domestic product at the end of this fiscal year to 119 percent at the end of 2033—which would be the highest level of U.S debt ever recorded.

JEL-codes: E62 E66 H20 H60 H61 H62 H63 H68 (search for similar items in EconPapers)
Date: 2023-05-12
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