CBO responds to questions about the agency's current view of economic growth and interest rates and the implications of that view for the federal budget—as well as about the implications of inflation for workers.
CBO provides details about the agency's most recent projections of the economy through 2025, which reflect economic developments as of December 5, 2023.
In its May 2022 projections for fiscal year 2023, CBO overestimated revenues by 11 percent and underestimated outlays by 9 percent. CBO’s projection of the federal deficit for 2023 was less than the actual amount by 3.9 percent of GDP.
