1、 MDart10/SJUNE|2023The 2023 Long-Term Budget Outlookf11photo/SAt a GlanceEach year,the Congressional Budget Office publishes a report presenting its projections of what the federal budget and the economy would look like over the next 30years if current laws generally remained unchanged.The long-term

2、 budget projections typically follow CBOs 10-year baseline budget projections and then extend most of the concepts underlying them for an additional 20years.This year,the long-term projections are based on CBOs May2023baseline projections but also reflect the estimated budgetary effects of the Fisca

3、l Responsibility Act of 2023(Public Law118-5),which was enacted on June3,2023.Deficits.In CBOs projections,the deficit equals 5.8percent of gross domestic product(GDP)in 2023,declines to 5.0percent by 2027,and then grows in every year,reaching 10.0percent of GDP in 2053.Over the past century,that le

4、vel has been exceeded only during World War II and the coronavirus pandemic.The increase in the total deficit results from faster growth in spending than in revenues.The primary deficit,which excludes interest costs,equals 3.3percent of GDP in both 2023 and 2053,but the total deficit is boosted by r

5、ising interest costs.Debt.By the end of 2023,federal debt held by the public equals 98percent of GDP.Debt then rises in relation to GDP:It surpasses its historical high in 2029,when it reaches 107percent of GDP,and climbs to 181percent of GDP by 2053.Such high and rising debt would slow economic gro

6、wth,push up interest payments to foreign holders of U.S.debt,and pose significant risks to the fiscal and economic outlook;it could also cause lawmakers to feel more constrained in their policy choices.Spending.In 2023,outlays fall to 24.2percent of GDP as federal spending in response to the pandemi