CBO plans to release its analysis of the President’s budget (which the agency conducts in collaboration with the staff of the Joint Committee on Taxation) at 11:00 am on Thursday, March 12, 2015. Deborah Kilroe is CBO’s Associate Director for Communications.

    

The federal government ran a budget deficit of $386 billion for the first five months of fiscal year 2015, CBO estimates—$10 billion more than the shortfall recorded in the same span last year.

    

March 2015 Baseline

    

Under current law, CBO estimates the deficit will total 2.7 percent of GDP in 2015, drop to roughly 2.4 percent for the following three years, and then begin to rise. By 2025, debt held by the public is projected to reach 77 percent of GDP.