This morning I spoke about the challenging fiscal outlook at a Federal Bar Association conference. I discussed CBO’s latest Monthly Budget Review, which projects a $1.7 trillion federal budget deficit in fiscal year 2023. I also discussed CBO’s long-term budget outlook, which assesses deficits measured as a share of gross domestic product from 2023 to 2053. In those long-term projections, large and sustained deficits lead to high and rising federal debt that exceeds any previously recorded level.
Phillip L. Swagel is CBO’s Director.
Originally published at https://www.cbo.gov/publication/59635