12/9/2023 0 Comments Congressional budget office jobs![]() By 2050, debt would be 180 percent of GDP-far higher than it has ever been ( see Chapter 1). ![]() And during the past 50 years, deficits have averaged 1.5 percent of GDP when the economy was relatively strong (as it is now).īecause of the large deficits, federal debt held by the public is projected to grow, from 81 percent of GDP in 2020 to 98 percent in 2030 (its highest percentage since 1946 ). Other than a six-year period during and immediately after World War II, the deficit over the past century has not exceeded 4.0 percent for more than five consecutive years. Projected deficits rise from 4.6 percent of gross domestic product (GDP) in 2020 to 5.4 percent in 2030. In CBO’s projections, the federal budget deficit is $1.0 trillion in 2020 and averages $1.3 trillion between 20. This report is the latest in that series-and it shows a cumulative 10-year deficit that is slightly larger and a cumulative 30-year deficit that is notably larger than those in CBO’s previous projections. The Congressional Budget Office regularly publishes reports that present projections of what federal deficits, debt, revenues, and spending-and the economic path underlying them-would be for the current year and for the following 10 years and beyond if existing laws governing taxes and spending generally remained unchanged. Changes in CBO’s Economic Forecast Since August 2019 Changes in CBO’s Baseline Projection of the 10-Year Deficit Since August 2019 Comparison of CBO’s Economic Projections With Those by Federal Reserve Officials Comparison of CBO’s Economic Projections With the Blue Chip Survey The Uncertainty of CBO’s Projections of Real GDP Duration of Economic Expansions Since 1945 Composition of the Growth of Real Potential GDP The Labor Force Participation Rate of People Ages 25 to 54 The Relationship Between GDP and Potential GDP ![]() Outlays, Revenues, and Tax Expenditures in 2020 Reasons for the Growth of Individual Income Tax Receipts in CBO’s Baseline Projections Changes in Projected Revenues From 2020 to 2030 Changes in Projected Outlays From 2020 to 2030 CBO’s Baseline Projections of Outlays and Revenues, Compared With Actual Values 25 and 50 Years Ago The Uncertainty of CBO’s Baseline Projections of the Budget Deficit Total Deficit, Primary Deficit, and Net Interest CBO’s Economic Projections, by Fiscal Year CBO’s Economic Projections, by Calendar Year Changes in CBO’s Baseline Projections of the Deficit Since August 2019 CBO’s Current and Previous Economic Projections for Calendar Years 2019 to 2029 Key Inputs in CBO’s Projections of Real Potential GDP Projected Growth of Real GDP and Its Components Exports Affected by Tariffs Recently Imposed by Other Countries Imports Affected by Tariffs Recently Imposed by the United States ![]() CBO’s Economic Projections for Calendar Years 2020 to 2030 CBO’s Baseline Projections of Discretionary Spending Mandatory Outlays Projected in CBO’s Baseline CBO’s Baseline Projections of Federal Debt CBO’s Baseline Budget Projections, by Category Appendix B: CBO’s Economic Projections for 2020 to 2030.Appendix A: Changes in CBO’s Baseline Projections.Comparison With Other Economic Projections.Comparison With CBO’s August 2019 Projections.Some Uncertainties in the Economic Outlook. ![]()
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