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The Budget and Economic Outlook: 2023 to 2033. February 15, 2023. In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027. Report.
Visual Summary. In this report, the Congressional Budget Office describes its projections of the federal budget and the U.S. economy under current law for this year and the decade that follows. The deficit is projected to total $1.4 trillion in 2023; annual deficits average $2.0 trillion over the 2024–2033 period.
The federal deficit in 2023 was $1.7 trillion, equal to 6.3 percent of gross domestic product. View Document 1.11 MB. Individual Income Taxes Payroll Taxes Corporate Other. Dollars Percentage of GDP. Mandatory $3.8 Trillion Discretionary $1.7 Trillion Net Interest $659 Billion.
In CBO’s projections, the federal budget deficit grows from $1.6 trillion in fiscal year 2024 to $2.6 trillion in 2034. Deficits also expand in relation to the size of the economy, from 5.6 percent of gross domestic product (GDP) in 2024, when the collection of certain postponed tax payments temporarily boosts revenues, to 6.1 percent of GDP ...
Deficits. CBO projects a federal budget deficit of $2.3 trillion in 2021, nearly $900 billion less than the shortfall recorded in 2020. At 10.3 percent of gross domestic product (GDP), the deficit in 2021 would be the second largest since 1945, exceeded only by the 14.9 percent shortfall recorded last year. Those deficits, which were already ...
The Budget Outlook Deficits. In CBO’s projections, the federal budget deficit in fiscal year 2024 is $1.9 trillion. Adjusted to exclude the effects of shifts in the timing of certain payments, the deficit amounts to $2.0 trillion in 2024 and grows to $2.8 trillion by 2034.
The federal budget deficit was $1.7 trillion in fiscal year 2023, the Congressional Budget Office estimates—$0.3 trillion more than the shortfall recorded during fiscal year 2022. Revenues fell by an estimated $455 billion (or 9 percent). Revenues were smaller than in fiscal year 2022, particularly for nonwitheld income taxes and remittances ...
The Federal Budget in Fiscal Year 2022: An Infographic. The federal deficit in 2022 was $1.4 trillion, equal to 5.5 percent of gross domestic product, almost 2 percentage points greater than the average over the past 50 years. The federal deficit in 2022 was $1.4 trillion, equal to 5.5 percent of gross domestic product, almost 2 percentage ...
The Congressional Budget Office now projects a federal deficit of $1.9 trillion in fiscal year 2024 (see Table 1-1). That amount is $0.4 trillion (or 27 percent) larger than the agency estimated in its previous baseline projections, published in February 2024. 1 The deficit is projected to increase to $2.9 trillion in 2034, $0.3 trillion more ...
The federal budget deficit totaled $1.1 trillion in the first half of fiscal year 2024, the Congressional Budget Office estimates—$37 billion less than the deficit recorded during the same period last fiscal year. Revenues this year were $140 billion (or 7 percent) higher and outlays were $103 billion (or 3 percent) higher from October ...