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An Update to the Budget and Economic Outlook: 2024 to 2034

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  • Congressional Budget Office

Abstract

CBO describes its projections for the federal budget and the U.S. economy under current law for this year and the decade that follows. In those projections, the budget deficit totals nearly $2 trillion this year and $22 trillion over the 2025–2034 period. Federal debt held by the public reaches 122 percent of GDP in 2034, the largest federal debt relative to the size of the economy ever recorded. Economic growth slows to 2.0 percent in 2024 as inflation eases slightly and the federal funds rate remains steady. In 2025 and later years, rates of economic growth and inflation moderate.

Suggested Citation

  • Congressional Budget Office, 2024. "An Update to the Budget and Economic Outlook: 2024 to 2034," Reports 60039, Congressional Budget Office.
    • Handle: RePEc:cbo:report:60039
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    File URL: https://www.cbo.gov/system/files/2024-06/60039-Outlook-2024.pdf
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    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • 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
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • 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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