CBO provides additional details about the economic forecast it published on January 17, 2025, in “The Budget and Economic Outlook: 2025 to 2035.”

View CBO’s latest infographic to learn about trends in military compensation.

Use CBO's interactive tool to simulate the agency's process for projecting discretionary budget authority and outlays for different types of spending over the course of 10 years.

CBO examines trends in revenues and outlays associated with unemployment insurance and provides information about how CBO treats that program in its baseline projections and cost estimates.

CBO’s Director, Phillip Swagel, discusses the current budget and economic outlook.

In CBO’s projections, the federal budget deficit is $1.9 trillion this year. Federal debt held by the public rises to 118 percent of GDP in 2035. Economic growth slows and inflation declines over the next two years; both remain moderate after 2026.

CBO Director Phillip Swagel describes the agency's primary responsibilities, explains how CBO can help Member offices, emphasizes the agency’s commitment to transparency, and lists what’s forthcoming from CBO.

CBO reports annually on programs whose authorizations of appropriations have already expired or will expire. This data file covers legislation enacted through September 30, 2024. A full report will be issued later this year.

What has CBO been working on?

In CBO’s projections, the U.S. population increases from 350 million people in 2025 to 372 million in 2055, and the average age rises. Beginning in 2033, annual deaths exceed annual births, and net immigration accounts for the growth.

The federal budget deficit totaled $710 billion in the first quarter of fiscal year 2025, the CBO estimates. That amount is $200 billion more than the deficit recorded during the same period last fiscal year.

In its May 2023 budget projections for fiscal year 2024, CBO underestimated revenues by 1 percent and outlays by 6 percent. CBO’s projection of the federal budget deficit for 2024 was less than the actual amount by 1.1 percent of GDP.

Presentation by Eric Labs, an analyst in CBO’s National Security Division, at the Bank of America Defense Outlook and Commercial Aerospace Forum 2025.

CBO examines how its method for analyzing the distribution of household income differs from the Census Bureau’s method for calculating the official poverty measure. The most important differences stem from what counts as income in each method.

Learn more about CBO’s work and its processes in a publication that is typically updated at the start of each Congress.

CBO estimates that under the Navy’s 2025 shipbuilding plan, total shipbuilding costs would average about $40 billion per year (in 2024 dollars) through 2054 as the Navy built a fleet of 390 battle force ships.

Gene therapies replace or modify disease-causing genes in human cells. In this report, CBO discusses how it would estimate the budgetary effects of policies that sought to increase the use of gene therapy treatment for sickle cell disease.

Revisiting the Relationship Between Debt and Long-Term Interest Rates: Working Paper 2024-05

CBO provides an overview of the channels through which the adoption of artificial intelligence could affect the U.S. economy and the federal budget.

CBO assesses how climate change will pose risks to the United States through its effects on economic activity, real estate and financial markets, human health, biodiversity, immigration, and national security.