CBO - Congressional Budget Office published this content on 02 September 2020 and is solely responsible for the information contained therein. January 28, 2020 Attachments. 0000005324 00000 n Policymakers, members of government, and businesses will all want information on the Federal Budget since this data can affect future policy decisions and business and market trends. 0000000016 00000 n The Congressional Budget and Impoundment Control Act of 1974 (Budget Act) requires that the Congressional Budget Office (CBO) provide the House and Senate Budget committees with budget and economic projections for the federal government. Sen. Chuck … 0000023346 00000 n Appendix A: Changes in CBO’s Baseline Projections. The Congressional Budget Office (CBO) estimates that the federal budget deficit in 2020 will be $1.0 trillion, or 4.6% of gross domestic product (GDP). Budget Digest. The Congressional Budget Office regularly publishes reports that present projections of what federal deficits, debt, revenues, and spending—and the economic path underlying them—would be for the current year and for the following 10 years and beyond if existing laws governing taxes and spending generally remained unchanged. 0000001675 00000 n Underpinning the budgetary estimate is CBO’s economic forecast for the next decade, which incorporates the assumed economic effects of federal laws currently in force. Chapter 2: The Economic Outlook. 0000006772 00000 n If current laws governing federal taxes and spending generally did not change, the projected gap between outlays and revenues would increase to 5.4% of GDP in 2030.
The Congressional Budget Office has released its budget and economic projections for fiscal years 2020-2030.
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trailer The U.S. economic outlook is for a U-shaped recession. 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