The Accuracy of CBO’s Baseline Estimates for Fiscal Year 2019

Congressional Budget Office

No 55927, Reports from Congressional Budget Office

Abstract: CBO reviews its baseline projections of federal revenues, outlays, and deficits at the end of every fiscal year and compares them with actual budgetary outcomes, after incorporating the effects of legislation that was enacted after the projections were prepared. CBO’s adjusted April 2018 projection of revenues in 2019 exceeded the actual amount by 0.8 percent, and CBO’s projection of outlays fell short by 0.1 percent. As a result, CBO’s projection of the deficit in 2019 was $31 billion less than the actual amount; that difference is equal to about 0.1 percent of gross domestic

JEL-codes: C53 (search for similar items in EconPapers)
Date: 2019-12-12
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