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An Update to the Budget Outlook: 2023 to 2033

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  • Congressional Budget Office

Abstract

CBO’s updated projections show a federal budget deficit of $1.5 trillion for 2023. That estimate is subject to considerable uncertainty, in part because of a recent shortfall in tax revenues. In the agency’s projections, annual deficits nearly double from 2024 to 2033. As a result, debt held by the public grows significantly, from 98 percent of gross domestic product at the end of this fiscal year to 119 percent at the end of 2033—which would be the highest level of U.S debt ever recorded.

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  • Congressional Budget Office, 2023. "An Update to the Budget Outlook: 2023 to 2033," Reports 59096, Congressional Budget Office.
    • Handle: RePEc:cbo:report:59096
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    File URL: https://www.cbo.gov/system/files/2023-05/59096-Budget-Outlook.pdf
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    More about this item

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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