June 28, 2023
Highlights of CBO’s Long-Term Budget Outlook 2023
The Congressional Budget Office (CBO) today released its updated Long-Term Budget Outlook that projected U.S. debt held by the public will nearly double as a share of the economy by 2053. Vice President for Economic Policy Gordon Gray observes that the basic long-term outlook is fundamentally unchanged from last year’s estimates.
His central points:
- According to CBO, debt held by the public will reach 181 percent of gross domestic product in 2053.
- These projections are largely unchanged from last year’s and generally reflect relatively modest adjustments to CBO’s economic projections, as well as legislation enacted since.
- The fundamentally unsustainable budget outlook remains – higher spending, higher deficits, higher debt service, and ultimately higher debt than today.