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The Accuracy of CBO’s Budget Projections for Fiscal Year 2023

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  • Congressional Budget Office

Abstract

In its May 2022 projections for fiscal year 2023, CBO overestimated revenues by 11 percent and underestimated outlays by 9 percent. CBO’s projection of the federal deficit for 2023 was less than the actual amount by 3.9 percent of GDP.

Suggested Citation

  • Congressional Budget Office, 2023. "The Accuracy of CBO’s Budget Projections for Fiscal Year 2023," Reports 59682, Congressional Budget Office.
    • Handle: RePEc:cbo:report:59682
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    File URL: https://www.cbo.gov/system/files/2023-12/59682-Accuracy.pdf
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    More about this item

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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