GPO

Reports on the state of the Federal budget and the United States economy. Each January, the Congressional Budget (CBO) prepares "baseline" Federal budget projections and the outlook for the United States economy spanning the next 10 years. Those projections are not a forecast of future events; rather, they are intended to provide a benchmark against which potential policy changes can be measured. Therefore, as specified in law, those projections generally incorporate the assumption that current laws are implemented. But substantial changes to tax and spending policies are slated to take effect in calendar year 2013 under current law.