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The Budget and Economic Outlook: 2024 to 2034

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  • Congressional Budget Office

Abstract

CBO describes its projections of the federal budget and the U.S. economy under current law for this year and the decade that follows. In those projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP, the highest level ever recorded. Economic growth slows to a rate of 1.5 percent in 2024 as inflation continues to decline and short-term interest rates fall. After 2024, real GDP grows at a moderate pace.

Suggested Citation

  • Congressional Budget Office, 2024. "The Budget and Economic Outlook: 2024 to 2034," Reports 59710, Congressional Budget Office.
    • Handle: RePEc:cbo:report:59710
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    File URL: https://www.cbo.gov/system/files/2024-02/59710-Outlook-2024.pdf
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    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • 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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