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Diane Publishing Books
Updated Federal Budget Projections: 2015 to 2025
Amber Marcellino (au)
Following the release of the Presidentäó»s 2015 budget, this report has updated the baseline budget projections the Congressional Budget Office (CBO) published earlier in 2015. This update estimates that if the laws that currently govern federal taxes and spending generally remain in place, the federal budget deficit will total $486 billion in FY 2015, about the same as the shortfall posted in 2014. However, because the nationäó»s GDP has increased, the deficit projected for 2015 represents a slightly lower percentage of GDP -- 2.7% -- compared with 2.8% last year. In 2009, the deficit peaked at 9.8% of GDP; in 2011 it was equal to 8.5% of GDP. Assuming that current laws will generally remain unchanged, the budget deficit is projected to decline in 2016, to $455 billion (2.4% of GDP), and then to hold roughly steady relative to the size of the economy through 2018. Beyond that time, however, the gap between spending and revenues is projected to grow faster than GDP. Tables and figures. This is a print on demand report.
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