As posted on the website of the House Committee on Rules on March 14, 2023 and March 27, 2023

    

CBO Director Phillip Swagel discusses his recent and upcoming presentations on CBO’s latest budget and economic projections.

    

View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2022, as well as broader trends in the budget over the past few decades.

    

Discretionary outlays by the federal government totaled $1.7 trillion in 2022. Nondefense outlays were higher than those for defense activities partly because of spending for programs enacted in response to the coronavirus pandemic.

    

Mandatory outlays by the federal government totaled $4.1 trillion in 2022; nearly half was for Social Security and Medicare. The largest increases over the past 20 years have been for the major health care programs and student loans.

    

Revenues received by the federal government in 2022 totaled $4.9 trillion, of which more than half was receipts from individual income taxes, which were the highest ever as a percentage of gross domestic product.

    

The federal deficit in 2022 was $1.4 trillion, equal to 5.5 percent of gross domestic product, almost 2 percentage points greater than the average over the past 50 years.

    

This workbook allows users to define and analyze alternative economic scenarios by specifying differences in the values of four economic variables relative to the values underlying CBO's February 2023 projections.