Economy | Congressional Budget Office

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href="/topics/retirement/explaining-analytical-methods" data-drupal-link-system-path="taxonomy/term/1787">Explaining Analytical Methods</a> </li> <li class="menu-item"> <a href="/topics/retirement/medicare" data-drupal-link-system-path="taxonomy/term/1585">Medicare</a> </li> <li class="menu-item"> <a href="/topics/retirement/pensions" data-drupal-link-system-path="taxonomy/term/61">Pensions</a> </li> </ul> </li> <li class="menu-item menu-item--expanded"> <a href="/topics/science-and-research-and-development" data-drupal-link-system-path="taxonomy/term/20">Science and Research and Development</a> <ul class="menu"> <li class="menu-item"> <a href="/topics/science-and-research-and-development/explaining-analytical-methods" data-drupal-link-system-path="taxonomy/term/1794">Explaining Analytical Methods</a> </li> </ul> </li> <li class="menu-item menu-item--expanded"> <a href="/topics/social-security" data-drupal-link-system-path="taxonomy/term/58">Social Security</a> <ul class="menu"> <li 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data-drupal-link-system-path="taxonomy/term/22">Taxes</a> <ul class="menu"> <li class="menu-item"> <a href="/topics/taxes/distribution-federal-taxes" data-drupal-link-system-path="taxonomy/term/62">Distribution of Federal Taxes</a> </li> <li class="menu-item"> <a href="/topics/taxes/explaining-analytical-methods" data-drupal-link-system-path="taxonomy/term/1786">Explaining Analytical Methods</a> </li> <li class="menu-item"> <a href="/topics/taxes/outlook-budget-and-economy" data-drupal-link-system-path="taxonomy/term/1584">Outlook for the Budget and the Economy</a> </li> <li class="menu-item"> <a href="/topics/taxes/presidents-budget" data-drupal-link-system-path="taxonomy/term/1582">President's Budget</a> </li> <li class="menu-item"> <a href="/topics/taxes/tax-credits" data-drupal-link-system-path="taxonomy/term/1588">Tax Credits</a> </li> <li class="menu-item"> <a href="/topics/taxes/tax-rates" data-drupal-link-system-path="taxonomy/term/1682">Tax Rates</a> </li> </ul> </li> <li class="menu-item menu-item--expanded"> <a href="/topics/veterans-issues" data-drupal-link-system-path="taxonomy/term/23">Veterans' Issues</a> <ul class="menu"> <li class="menu-item"> <a href="/topics/veterans-issues/explaining-analytical-methods" data-drupal-link-system-path="taxonomy/term/1789">Explaining Analytical Methods</a> </li> <li class="menu-item"> <a href="/topics/veterans-issues/military-and-veterans-health-care" data-drupal-link-system-path="taxonomy/term/1597">Military and Veterans' Health Care</a> </li> </ul> </li> </ul> </nav> </aside> <section id="content"> <section id="block-cbo-pagetitle" class="block block-core block-page-title-block"> <h1>Economy</h1> </section> <section id="block-cbo-local-tasks" class="block block-core block-local-tasks-block"> <nav class="tabs" role="navigation" aria-label="Tabs"> <h2 class="visually-hidden">Primary tabs</h2> <ul class="tabs primary"><li class="is-active"><a href="/topics/economy" data-drupal-link-system-path="taxonomy/term/6" class="is-active" aria-current="page">Featured</a></li> <li><a href="/taxonomy/term/6/latest" data-drupal-link-system-path="taxonomy/term/6/latest">Publications & Cost Estimates</a></li> <li><a href="/taxonomy/term/6/policy-options" data-drupal-link-system-path="taxonomy/term/6/policy-options">Policy Options</a></li> <li><a href="/taxonomy/term/6/recurring-reports" data-drupal-link-system-path="taxonomy/term/6/recurring-reports">Recurring Publications</a></li> </ul> </nav> </section> <section id="block-cbo-cbo-system-main" class="block block-system block-system-main-block"> <div class="view view-topics-terms view-id-topics_terms view-display-id-page_1 js-view-dom-id-fdb82fa3b6362a1575e391cccdb9b7a1d62fcc9720797299d872b9f3e68eb258"> <div class="attachment attachment-before"> <div class="topic-attachment view view-topics-terms view-id-topics_terms view-display-id-attachment_1 js-view-dom-id-9d2c442b38310e4a9d44a204f4c91e2a5b5168d4468ea675eaf01da87e2f2bef"> <div class="view-content"> <div class="term-description topic-meta views-row"><p>CBO regularly assesses the state of the economy and prepares economic projections that underlie the agency’s projections for the federal budget and cost estimates for proposed legislation. CBO also produces studies on specific economic issues, such as trends in productivity and the condition of labor markets, and examines the economic impact of significant proposed changes in federal spending programs and the federal tax system.</p><div class="topics-quick-links"><h4>QUICK LINKS</h4> <div class="quick-links"> <ul><li><a href="/about/products/budget-economic-data#3">10-YEAR BUDGET PROJECTIONS</a></li><li><a href="/about/products/budget-economic-data#4">10-YEAR ECONOMIC PROJECTIONS</a></li><li><a href="/about/products/budget-economic-data#1">LONG-TERM BUDGET PROJECTIONS</a></li></ul></div> </div> <div class="topics-data"> <div class="topics-keydata js-view-dom-id-0ba0a4dc9a6085127620fc4ac7e92db9550f429314237c2e9acb4c2b86d5bb86"> <header> <h4>ECONOMIC PROJECTIONS FOR CY 2024</h4> <p class="as-of-date"><small>(As of <time datetime="2024-06-18T12:00:00Z">June 18, 2024</time> )</small></p> </header> <div class="views-row"> <table> <tr> <th><p class="keydata-label">REAL GDP GROWTH (Q4/Q4)</p> </th><td> <p class="keydata-value">2.0%</p></tr><tr> <th><p class="keydata-label">INFLATION (PCE Price Index, Q4/Q4)</p> </th><td> <p class="keydata-value">2.7%</p></tr><tr> <th><p class="keydata-label">UNEMPLOYMENT RATE (Q4)</p> </th><td> <p class="keydata-value">3.9%</p></tr><tr> <th><p class="keydata-label">INTEREST RATE (3-Month Treasury Bills, Q4)</p> </th><td> <p class="keydata-value">5.1%</p></tr></table> </div> </div> </div> <div class="topic-meta"></div></div> </div> </div> </div> <div class="view-content"> <div class="item-list topic-term-posts"> <ul> <li class="views-row"><div class="publication-figure"><a href="/publication/60039"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2024-06/60039-home-Outlook.jpg?itok=dHiSXgcI 240w, /sites/default/files/styles/480/public/2024-06/60039-home-Outlook.jpg?itok=nHUTlerd 480w, /sites/default/files/styles/624/public/2024-06/60039-home-Outlook.jpg?itok=An1U1Did 624w, /sites/default/files/styles/800/public/2024-06/60039-home-Outlook.jpg?itok=sYfpar9K 800w, /sites/default/files/styles/1500/public/2024-06/60039-home-Outlook.jpg?itok=_j1cKYUW 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2024-06/60039-home-Outlook.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/60039" hreflang="en">An Update to the Budget and Economic Outlook: 2024 to 2034</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-06-18T12:00:00Z">June 18, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">In CBO’s projections, the deficit totals nearly $2 trillion this year. Large deficits push federal debt held by the public to 122 percent of GDP in 2034. Economic growth slows to 2.0 percent in 2024 and 1.8 percent in 2026 and later years.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/60166"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-09/58426-home-Inflation.jpg?itok=ylbnueZE 240w, /sites/default/files/styles/480/public/2022-09/58426-home-Inflation.jpg?itok=YCkU7pqD 480w, /sites/default/files/styles/624/public/2022-09/58426-home-Inflation.jpg?itok=H76JPqfb 624w, /sites/default/files/styles/800/public/2022-09/58426-home-Inflation.jpg?itok=Jvc6HqV7 800w, /sites/default/files/styles/1500/public/2022-09/58426-home-Inflation.jpg?itok=t1JFxVia 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-09/58426-home-Inflation.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/60166" hreflang="en">An Update About How Inflation Has Affected Households at Different Income Levels Since 2019</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-05-14T12:00:00Z">May 14, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO focused on households’ consumption of a bundle of typical goods and services from 2019 to compare purchasing power in 2019 with that in 2023. On average, purchasing power increased, but the effects of inflation varied by income group.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/60072"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2018-06/54052-home.jpg?itok=sQ-dAoJe 240w, /sites/default/files/styles/480/public/2018-06/54052-home.jpg?itok=DNQ4w8XU 480w, /sites/default/files/styles/624/public/2018-06/54052-home.jpg?itok=qnfg17I7 624w, /sites/default/files/styles/800/public/2018-06/54052-home.jpg?itok=C-osd1m0 800w, /sites/default/files/styles/1500/public/2018-06/54052-home.jpg?itok=YNsIBe1K 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2018-06/54052-home.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/60072" hreflang="en">How Changes in Economic Conditions Might Affect the Federal Budget: 2024 to 2034</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-04-29T12:00:00Z">April 29, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">To show how variations in economic conditions might affect its budget projections, CBO analyzed how revenues, outlays, and deficits might change if the values of key economic variables differed from those in the agency’s forecast.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59711"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2024-03/59711-home-LTBO.png?itok=yDbAFn4_ 240w, /sites/default/files/styles/480/public/2024-03/59711-home-LTBO.png?itok=IRjJfjGn 480w, /sites/default/files/styles/624/public/2024-03/59711-home-LTBO.png?itok=jOSLsUOT 624w, /sites/default/files/styles/800/public/2024-03/59711-home-LTBO.png?itok=LwuK2gV2 800w, /sites/default/files/styles/1500/public/2024-03/59711-home-LTBO.png?itok=ZcclwmgB 1200w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2024-03/59711-home-LTBO.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59711" hreflang="en">The Long-Term Budget Outlook: 2024 to 2054</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-03-20T12:00:00Z">March 20, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">The federal budget deficit increases significantly in relation to gross domestic product over the next 30 years, in CBO’s projections, pushing federal debt held by the public far beyond any previously recorded level.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59710"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2024-02/59710-home-Outlook.jpg?itok=-hm-tRw_ 240w, /sites/default/files/styles/480/public/2024-02/59710-home-Outlook.jpg?itok=RM8EaWuO 480w, /sites/default/files/styles/624/public/2024-02/59710-home-Outlook.jpg?itok=rtMESd7_ 624w, /sites/default/files/styles/800/public/2024-02/59710-home-Outlook.jpg?itok=JPiuGo5Z 800w, /sites/default/files/styles/1500/public/2024-02/59710-home-Outlook.jpg?itok=41gcPMvR 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2024-02/59710-home-Outlook.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59710" hreflang="en">The Budget and Economic Outlook: 2024 to 2034</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-02-07T12:00:00Z">February 7, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59898"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-08/CBO-Logo-1650x1100.png?itok=dV-yacTS 240w, /sites/default/files/styles/480/public/2022-08/CBO-Logo-1650x1100.png?itok=RRKeBtEi 480w, /sites/default/files/styles/624/public/2022-08/CBO-Logo-1650x1100.png?itok=JoWt4H0R 624w, /sites/default/files/styles/800/public/2022-08/CBO-Logo-1650x1100.png?itok=owE-Xe0J 800w, /sites/default/files/styles/1500/public/2022-08/CBO-Logo-1650x1100.png?itok=-YeA-YJR 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-08/CBO-Logo-1650x1100.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Blog Post</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59898" hreflang="en">CBO to Release Budget and Economic Outlook on February 7</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2024-01-18T12:00:00Z">January 18, 2024</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO will release "The Budget and Economic Outlook: 2024 to 2034" at 2 p.m. EST on February 7.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59837"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-11/58757-home-economy.jpg?itok=J8nfJ8Gx 240w, /sites/default/files/styles/480/public/2022-11/58757-home-economy.jpg?itok=lRiyQ59Z 480w, /sites/default/files/styles/624/public/2022-11/58757-home-economy.jpg?itok=DtD6AmJF 624w, /sites/default/files/styles/800/public/2022-11/58757-home-economy.jpg?itok=9Dv2wDY8 800w, /sites/default/files/styles/1500/public/2022-11/58757-home-economy.jpg?itok=9VgoUZuQ 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-11/58757-home-economy.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59837" hreflang="en">CBO’s Current View of the Economy From 2023 to 2025</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-12-15T12:00:00Z">December 15, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO provides details about the agency's most recent projections of the economy through 2025, which reflect economic developments as of December 5, 2023.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59258"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2019-04/Capitol-1650x1100-Entire-004.jpg?itok=__gsSKUb 240w, /sites/default/files/styles/480/public/2019-04/Capitol-1650x1100-Entire-004.jpg?itok=XGgnUush 480w, /sites/default/files/styles/624/public/2019-04/Capitol-1650x1100-Entire-004.jpg?itok=1jmmN81S 624w, /sites/default/files/styles/800/public/2019-04/Capitol-1650x1100-Entire-004.jpg?itok=ldGxJY8A 800w, /sites/default/files/styles/1500/public/2019-04/Capitol-1650x1100-Entire-004.jpg?itok=-Tt86GGR 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2019-04/Capitol-1650x1100-Entire-004.jpg" alt="United States Capitol Building in Washington, DC" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59258" hreflang="en">An Update to the Economic Outlook: 2023 to 2025</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-07-26T12:00:00Z">July 26, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">In CBO’s latest projections, economic growth slows and then picks up over the 2023–2025 period. That initial slowdown in economic growth drives up unemployment. Inflation continues to gradually decline.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59078"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-06/59078-home-forecast.png?itok=GsncOW7g 240w, /sites/default/files/styles/480/public/2023-06/59078-home-forecast.png?itok=81DF7AfN 480w, /sites/default/files/styles/624/public/2023-06/59078-home-forecast.png?itok=nBeNkxWb 624w, /sites/default/files/styles/800/public/2023-06/59078-home-forecast.png?itok=T5nhnsG- 800w, /sites/default/files/styles/1500/public/2023-06/59078-home-forecast.png?itok=W83bs7m2 1200w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-06/59078-home-forecast.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59078" hreflang="en">CBO’s Economic Forecasting Record: 2023 Update</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-06-30T12:00:00Z">June 30, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO assesses its two-year and five-year economic forecasts and compares them with forecasts of the Administration and the <em>Blue Chip</em> consensus, an average of about 50 private-sector forecasts.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/59014"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-06/59014-home-LTBO.jpg?itok=Z6OSLy7Q 240w, /sites/default/files/styles/480/public/2023-06/59014-home-LTBO.jpg?itok=YTHRSZGT 480w, /sites/default/files/styles/624/public/2023-06/59014-home-LTBO.jpg?itok=-4-PwDL7 624w, /sites/default/files/styles/800/public/2023-06/59014-home-LTBO.jpg?itok=vUTX0_LA 800w, /sites/default/files/styles/1500/public/2023-06/59014-home-LTBO.jpg?itok=Rnlg0PMx 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-06/59014-home-LTBO.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/59014" hreflang="en">The 2023 Long-Term Budget Outlook</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-06-28T12:00:00Z">June 28, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">The U.S. faces a challenging fiscal outlook in the coming years, according to CBO's projections. Measured as a percentage of GDP, large and sustained deficits lead to high and rising federal debt that exceeds any previously recorded level.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58267"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-05/58267-home-profits-taxes.png?itok=jv_33gjZ 240w, /sites/default/files/styles/480/public/2023-05/58267-home-profits-taxes.png?itok=BdPz--Dv 480w, /sites/default/files/styles/624/public/2023-05/58267-home-profits-taxes.png?itok=VFqKOUHA 624w, /sites/default/files/styles/800/public/2023-05/58267-home-profits-taxes.png?itok=7NocMzFu 800w, /sites/default/files/styles/1500/public/2023-05/58267-home-profits-taxes.png?itok=jjc1TiXA 1200w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-05/58267-home-profits-taxes.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58267" hreflang="en">Trends in Corporate Economic Profits and Tax Payments, 1998 to 2017</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-05-09T12:00:00Z">May 9, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">Over recent decades, corporate economic profits have grown faster than the amounts that corporations pay in federal taxes. CBO examined the factors that explain why corporate tax payments have not grown with corporate economic profits.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58880"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-02/58880-home-Economic-Outlook.png?itok=79LSN3vl 240w, /sites/default/files/styles/480/public/2023-02/58880-home-Economic-Outlook.png?itok=LzExvl8i 480w, /sites/default/files/styles/624/public/2023-02/58880-home-Economic-Outlook.png?itok=PKdIJQqH 624w, /sites/default/files/styles/800/public/2023-02/58880-home-Economic-Outlook.png?itok=WR9QvXiN 800w, /sites/default/files/styles/1500/public/2023-02/58880-home-Economic-Outlook.png?itok=1G-3-k8k 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-02/58880-home-Economic-Outlook.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58880" hreflang="en">The Economic Outlook for 2023 to 2033 in 16 Charts</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-02-21T12:00:00Z">February 21, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO summarizes in graphic form its projections of what the economy would look like this year and over the next decade if current laws governing federal taxes and spending generally remained in place.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58848"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2023-02/58848-home-Outlook.jpg?itok=csbLqJLr 240w, /sites/default/files/styles/480/public/2023-02/58848-home-Outlook.jpg?itok=8KTxVo3P 480w, /sites/default/files/styles/624/public/2023-02/58848-home-Outlook.jpg?itok=p_VN3gUR 624w, /sites/default/files/styles/800/public/2023-02/58848-home-Outlook.jpg?itok=0YTeDGyY 800w, /sites/default/files/styles/1500/public/2023-02/58848-home-Outlook.jpg?itok=jnJ5Ke5H 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2023-02/58848-home-Outlook.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58848" hreflang="en">The Budget and Economic Outlook: 2023 to 2033</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2023-02-15T12:00:00Z">February 15, 2023</time> </div></div><div class="views-field views-field-body"><p class="field-content">In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58495"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-10/58495-home-automatic-stabilizers.png?itok=X857h3Wj 240w, /sites/default/files/styles/480/public/2022-10/58495-home-automatic-stabilizers.png?itok=akNcKnmf 480w, /sites/default/files/styles/624/public/2022-10/58495-home-automatic-stabilizers.png?itok=qyoxvFSW 624w, /sites/default/files/styles/800/public/2022-10/58495-home-automatic-stabilizers.png?itok=b_bCA7Jf 800w, /sites/default/files/styles/1500/public/2022-10/58495-home-automatic-stabilizers.png?itok=h5AYI7Bo 1200w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-10/58495-home-automatic-stabilizers.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58495" hreflang="en">Automatic Stabilizers in the Federal Budget: 2022 to 2032</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2022-10-27T12:00:00Z">October 27, 2022</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO projects the budgetary effects of automatic stabilizers—as well as the size of deficits without them—from 2022 to 2032 and provides historical estimates of the stabilizers’ effects since 1972.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/58426"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-09/58426-home-Inflation.jpg?itok=ylbnueZE 240w, /sites/default/files/styles/480/public/2022-09/58426-home-Inflation.jpg?itok=YCkU7pqD 480w, /sites/default/files/styles/624/public/2022-09/58426-home-Inflation.jpg?itok=H76JPqfb 624w, /sites/default/files/styles/800/public/2022-09/58426-home-Inflation.jpg?itok=Jvc6HqV7 800w, /sites/default/files/styles/1500/public/2022-09/58426-home-Inflation.jpg?itok=t1JFxVia 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-09/58426-home-Inflation.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/58426" hreflang="en">How Inflation Has Affected Households at Different Income Levels Since 2019</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2022-09-22T12:00:00Z">September 22, 2022</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO examines how inflation has affected households at different income levels and compares inflation since 2019 with the growth in household income over the same period.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/57711"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-08/CBO-Logo-1650x1100.png?itok=dV-yacTS 240w, /sites/default/files/styles/480/public/2022-08/CBO-Logo-1650x1100.png?itok=RRKeBtEi 480w, /sites/default/files/styles/624/public/2022-08/CBO-Logo-1650x1100.png?itok=JoWt4H0R 624w, /sites/default/files/styles/800/public/2022-08/CBO-Logo-1650x1100.png?itok=owE-Xe0J 800w, /sites/default/files/styles/1500/public/2022-08/CBO-Logo-1650x1100.png?itok=-YeA-YJR 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-08/CBO-Logo-1650x1100.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Working Paper</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/57711" hreflang="en">Quantifying the Uncertainty of Long-Term Economic Projections: Working Paper 2022-07</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2022-04-25T12:00:00Z">April 25, 2022</time> </div></div><div class="views-field views-field-body"><p class="field-content">This paper presents a practical method for assessing the uncertainty of long-term economic projections.</p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/57582"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2022-08/CBO-Logo-1650x1100.png?itok=dV-yacTS 240w, /sites/default/files/styles/480/public/2022-08/CBO-Logo-1650x1100.png?itok=RRKeBtEi 480w, /sites/default/files/styles/624/public/2022-08/CBO-Logo-1650x1100.png?itok=JoWt4H0R 624w, /sites/default/files/styles/800/public/2022-08/CBO-Logo-1650x1100.png?itok=owE-Xe0J 800w, /sites/default/files/styles/1500/public/2022-08/CBO-Logo-1650x1100.png?itok=-YeA-YJR 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2022-08/CBO-Logo-1650x1100.png" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Working Paper</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/57582" hreflang="en">A Markov-Switching Model of the Unemployment Rate: Working Paper 2022-05</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2022-03-28T12:00:00Z">March 28, 2022</time> </div></div><div class="views-field views-field-body"><p class="field-content">CBO developed a Markov-switching model to help incorporate asymmetric dynamics into macroeconomic projections and cost estimates that require simulations of the national unemployment rate. </p></div></div></li> <li class="views-row"><div class="publication-figure"><a href="/publication/56537"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/240/public/2020-09/56537-home-pandemic-legislation.jpg?itok=4D4nge83 240w, /sites/default/files/styles/480/public/2020-09/56537-home-pandemic-legislation.jpg?itok=4OXqduw9 480w, /sites/default/files/styles/624/public/2020-09/56537-home-pandemic-legislation.jpg?itok=95u-mvUN 624w, /sites/default/files/styles/800/public/2020-09/56537-home-pandemic-legislation.jpg?itok=UJq3F5GE 800w, /sites/default/files/styles/1500/public/2020-09/56537-home-pandemic-legislation.jpg?itok=3mQIesjV 1500w" sizes="(max-width: 26.25em) 67vw, (max-width: 38.125em) 40vw, (max-width: 61.25em) 30vw, (max-width: 87.5em) 25vw , calc(20vw - 40px)" width="800" height="533" src="/sites/default/files/2020-09/56537-home-pandemic-legislation.jpg" alt="" /> </div> </div> </a></div><div class="publication-body"><div class="views-field views-field-type"><span class="field-content">Report</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/publication/56537" hreflang="en">The Effects of Pandemic-Related Legislation on Output</a></span></div><div class="views-field views-field-field-display-date"><div class="field-content"><time datetime="2020-09-18T12:00:00Z">September 18, 2020</time> </div></div><div class="views-field views-field-body"><p class="field-content">By providing financial support to households, businesses, and state and local governments, federal laws enacted in response to the 2020 coronavirus pandemic will offset part of the deterioration in economic conditions brought about by the pandemic.</p></div></div></li> </ul> </div> </div> </div> </section> </section> </main> <footer id="site-footer" role="contentinfo"> <div class="footer-top-wrapper"> <section class="footer-top"> <section id="block-cbo-stayconnected" class="block block-block-content 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