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The 2018 Long-Term Budget Outlook

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  • Congressional Budget Office

Abstract

In CBO’s projections, federal budget deficits grow substantially over the next several years in relation to the size of the economy, stabilize for a few years, and then grow again over the rest of the 30-year period. If current laws generally remained unchanged, the growing deficits would raise federal debt held by the public from 78 percent of gross domestic product this year to nearly 100 percent by the end of the next decade and 152 percent by 2048.

Suggested Citation

  • Congressional Budget Office, 2018. "The 2018 Long-Term Budget Outlook," Reports 53919, Congressional Budget Office.
    • Handle: RePEc:cbo:report:53919
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    File URL: https://www.cbo.gov/system/files/2018-06/53919-2018ltbo.pdf
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    Citations

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    Cited by:

    1. Fotiou, Alexandra & Shen, Wenyi & Yang, Shu-Chun S., 2020. "The fiscal state-dependent effects of capital income tax cuts," Journal of Economic Dynamics and Control, Elsevier, vol. 117(C).
    2. Mr. Fabien Gonguet & Klaus-Peter Hellwig, 2019. "Public Wealth in the United States," IMF Working Papers 2019/139, International Monetary Fund.
    3. D. Tverdokhlibova, 2018. "Theory and practice of the use of fiscal sustainability indicators," Economy and Forecasting, Valeriy Heyets, issue 3, pages 7-47.
    4. Min Xu & Jeanne M. David & Suk Hi Kim, 2018. "The Impact of the Tax Cuts and Jobs Act of 2017 on the US Government Debt," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 7(4), pages 01-09, October.
    5. Stepanova O., 2019. "Fiscal sustainability under the conditions of emerging longevity economy," Economy and Forecasting, Valeriy Heyets, issue 1, pages 35-50.
    6. Bianchi, Francesco & Melosi, Leonardo, 2019. "The dire effects of the lack of monetary and fiscal coordination," Journal of Monetary Economics, Elsevier, vol. 104(C), pages 1-22.
    7. Michael J. Chow & William C. Dunkelberg, 2019. "Deregulation, tax policy, and certainty: foundations of the U.S. recovery," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 54(4), pages 211-225, October.
    8. Jonathan M. Harris, 2019. "Responding to Economic and Ecological Deficits," GDAE Working Papers 19-01, GDAE, Tufts University.
    9. Michel Aglietta & Virginie Coudert, 2016. "Trump and the Dollar in the Refection of History," Working Papers hal-01671414, HAL.
    10. Yuki Demizu & Daizo Kojima & Takahide Koike, 2018. "What Causes Errors in Projections of Medical and Long-term Care Expenses?," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 14(4), pages 563-584, July.

    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • 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
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • 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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