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The Accuracy of CBO’s Budget Projections for Fiscal Year 2022

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  • Congressional Budget Office

Abstract

In its July 2021 projections for fiscal year 2022, CBO underestimated revenues by 10 percent and outlays by 5 percent. As a result, CBO’s projection of the federal budget deficit for 2022 was more than the actual amount by 0.8 percent of gross domestic product.

Suggested Citation

  • Congressional Budget Office, 2023. "The Accuracy of CBO’s Budget Projections for Fiscal Year 2022," Reports 58603, Congressional Budget Office.
    • Handle: RePEc:cbo:report:58603
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    File URL: https://www.cbo.gov/system/files/2023-01/58603-Accuracy.pdf
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    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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