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The Budget and Economic Outlook: 2025 to 2035

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  • Congressional Budget Office

Abstract

CBO describes its projections of the federal budget and the U.S. economy under current law for this year and the decade that follows. In those projections, the federal budget deficit in fiscal year 2025 is $1.9 trillion and grows to $2.7 trillion by 2035 (if adjusted to remove the effects of shifts in the timing of certain payments that otherwise would have fallen on a weekend or holiday). Federal debt held by the public rises from 98 percent of GDP in 2024 to 118 percent in 2035, surpassing its previous high of 106 percent of GDP in 1946.

Suggested Citation

  • Congressional Budget Office, 2025. "The Budget and Economic Outlook: 2025 to 2035," Reports 60870, Congressional Budget Office.
    • Handle: RePEc:cbo:report:60870
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    File URL: https://www.cbo.gov/system/files/2025-01/60870-Outlook-2025.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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