The Budget and Economic Outlook, Fiscal Years 2011-2021

This volume is one of a series of reports on the state of the budget and the economy that the Congressional Budget Office (CBO) issues each year. It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to furnish baseline projections of the federal budget. In accordance with CBO’s mandate to provide impartial analysis, the report makes no recommendations.

The CBO updates the Outlook on a yearly basis to ensure the latest economic changes are factored into the forecast.

For 2011, the Congressional Budget Office (CBO) projects that if current laws remain unchanged, the federal budget will show a deficit of close to $1.5 trillion, or 9.8 percent of GDP. The deficits in CBO's baseline projections drop markedly over the next few years as a share of output and average 3.1 percent of GDP from 2014 to 2021. Those projections, however, are based on the assumption that tax and spending policies unfold as specified in current law. Consequently, they understate the budget deficits that would occur if many policies currently in place were continued, rather than allowed to expire as scheduled under current law.

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Policymakers, members of government, governmental agencies, and businesses will all want information on the Federal Budget since this data can affect future policy decisions and business and market trends.  In addition, members of the general public who want to be informed about, and understand, the Federal Budget will enjoy this publication.