CBO Director Phillip Swagel discusses the current budget and economic outlook.

    

CBO Director Phillip Swagel briefs members of the press on the current budget and economic outlook.

    

In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027.

    

CBO projects that, if the debt limit is not raised or suspended, the government’s ability to issue additional debt—other than to replace maturing securities—will be exhausted between July and September 2023.