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The Budget and Economic Outlook: 2024 to 2034. February 7, 2024. In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace. Report.
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.
The Federal Budget in Fiscal Year 2022: An Infographic. March 28, 2023. 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. Graphic.
Budget authority, obligations, and outlays are related terms that describe the funds provided, committed, and used for a program or activity. Often called funding, budget authority is the amount of money available to a federal agency for a specific purpose. The authority to commit to spending federal funds is provided to agencies by law.
As highlighted in the first infographic, the government ran a budget deficit of $1.7 trillion in 2023, equal to 6.3 percent of gross domestic product (GDP), well above the 3.7 percent average over the past 50 years. The government’s net interest costs totaled $659 billion in 2023, an 87 percent increase from the amount in 2021.
The Treasury also pays interest on debt issued to trust funds and other government accounts, but such payments are intragovernmental transactions that do not affect the budget deficit. In CBO’s projections, net interest outlays total $892 billion in 2024—surpassing discretionary outlays for defense this year—and rise to $1.7 trillion in ...
Projections at a Glance The Federal Budget The deficit totals $1.6 trillion in fiscal year 2024, grows to $1.8 trillion in 2025, and then returns to $1.6 trillion by 2027. Thereafter, deficits steadily mount, reaching $2.6 trillion in 2034. Measured in relation to gross domestic product (GDP), the deficit amounts to 5.6 percent in 2024, grows to 6.1 percent in 2025, and then shrinks to 5.2 ...
Budget authority, obligations, and outlays are related terms that describe the funds provided, committed, and used for a program or activity. Often called funding, budget authority is the amount of money available to a federal agency for a specific purpose. The authority to commit to spending federal funds is provided to agencies by law.
Projections of output, prices, labor market measures, interest rates, and income. Beginning in January 2020, these files also include projections of potential GDP (the economy’s maximum sustainable output) and its underlying inputs. In May 2020, CBO published selected 2-year and 10-year economic projections. Jun 2024. Feb 2024. Dec 2023. Jul ...
CBO discusses the outlook for housing starts over the next 30 years and describes the methodology behind its projections. (Housing starts are the number of new single-family and multifamily housing units on which construction has been started.) The agency projects that after 2024, housing starts will remain fairly strong through the end of the ...