CBO Director Phill Swagel focuses on the long-term fiscal challenges facing the nation in his statement on CBO’s report The 2020 Long-Term Budget Outlook.

    

CBO presents its projections of what federal deficits, debt, spending, and revenues would be for the next 30 years if current laws governing taxes and spending generally did not change.

    

This paper describes how CBO constructed its projection of the effect of climate change on U.S. output, how the projected effect should be interpreted, limitations of the analysis, and the central climate-change scenario that CBO used.