An Update to the Budget and Economic Outlook: 2024 to 2034

Congressional Budget Office

No 60039, Reports from Congressional Budget Office

Abstract: CBO describes its projections for the federal budget and the U.S. economy under current law for this year and the decade that follows. In those projections, the budget deficit totals nearly $2 trillion this year and $22 trillion over the 2025–2034 period. Federal debt held by the public reaches 122 percent of GDP in 2034, the largest federal debt relative to the size of the economy ever recorded. Economic growth slows to 2.0 percent in 2024 as inflation eases slightly and the federal funds rate remains steady. In 2025 and later years, rates of economic growth and inflation moderate.

JEL-codes: E20 E23 E60 E62 E66 H20 H60 H61 H62 H63 H68 (search for similar items in EconPapers)
Date: 2024-06-18
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