Under budgetary paths, but not particular policies, specified in the 2016 budget resolution conference report, total debt would be smaller than in CBO’s baseline. Economic output would be lower in the next few years but higher thereafter.

CBO has analyzed the effects on the economy stemming from a set of paths for federal revenues and noninterest spending specified by Chairman Mike Enzi of the Senate Budget Committee and how those macroeconomic effects in turn would affect the federal budget.

Under the President’s proposed budget for 2016, CBO estimates, the federal budget deficit would decline from $486 billion in 2015 to $384 billion in 2016, but then climb in subsequent years, reaching $801 billion in 2025. Federal debt held by the public would remain in the vicinity of 72...

Under current law, CBO estimates the deficit will total $486 billion in 2015, about the same as in 2014. However, because the nation’s output has increased, the projected deficit for 2015 represents a slightly lower percentage of GDP—2.7 percent. If current laws generally remain unchanged,...

Under current law, as of March 16, the Treasury will be at the statutory borrowing limit and will need to use so-called extraordinary measures to continue raising cash. Those measures would probably be exhausted by October or November.

CBO has analyzed the effects on the economy stemming from a set of paths for federal revenues and noninterest spending specified by Chairman Tom Price of the House Budget Committee and how those macroeconomic effects in turn would affect the federal budget.

CBO reports annually to the Congress on programs funded for the current fiscal year for which authorizations of appropriations have expired, and programs for which authorizations of appropriations will expire during the current fiscal year.

The President's proposals would, relative to CBO's current-law baseline, boost deficits from 2014 through 2016 but reduce them from 2017 through 2024, CBO and JCT estimate. Deficits would total $6.6 trillion between 2015 and 2024, $1.0 trillion less than the cumulative deficit in CBO's baseline....

Although federal deficits have shrunk markedly in recent years, growing spending for Social Security and major health care programs, along with increasing interest costs, would cause them to rise steadily over the long term. The larger deficits would cause federal debt to grow faster than the...

Under current law, the deficit will decrease to $492 billion in 2014, CBO projects, as revenues continue rebounding from their low in the recession. But beginning in 2016, deficits will rise again—largely because of an aging population, rising health care costs, an expansion of federal...