![]() After adjusting to exclude the effects of payments that are shifted when October 1 falls on a weekend, the deficit for 2022 would be $1.3 trillion (5.2 percent of GDP), and the deficit for 2023 would be $1.5 trillion (5.8 percent of GDP). The federal government ran a budget deficit of $1.4 trillion in fiscal year 2022, equal to 5.5 percent of GDP. What is CBO’s estimate of the budget deficit for 2023? What was the deficit for 2022?ĬBO’s latest estimate (reported in May 2023) is that the total federal budget deficit for fiscal year 2023 (which ends on September 30), will be $1.5 trillion, or 5.9 percent of gross domestic product (GDP). Where can I find some definitions of key terms used in your reports? For example, what's the difference between the deficit and the debt?.Where can I learn about CBO's career and business opportunities?.How can I learn about CBO's products, processes, and organization?.How often does CBO update its model underlying the agency’s baseline estimates of health insurance coverage?.How many people, according to CBO and JCT's estimates, will have insurance coverage through the health insurance marketplaces?.How large are the projected federal subsidies associated with health insurance coverage?.How many people have health insurance in 2023?. ![]() What are CBO's latest spending projections for Medicare, Medicaid, and the other major health care programs?.How would the federal government’s efforts to adapt to climate change or mitigate its impact affect the budget? Does CBO take into account the potential budgetary savings from those efforts in its cost estimates?.How does climate change affect the federal budget?.Does CBO take into account the effects of climate change in its economic projections?.How does CBO account for new information in its estimates?.What is a budget resolution? What role does CBO play when the Congress considers a budget resolution?.What is a cost estimate? When does CBO prepare cost estimates for legislation? How can I get a cost estimate?.How do I find budget options and reports with policy options?.Where can I find CBO's latest budget and economic projections?.What is CBO’s estimate of the budget deficit for 2023? What was the deficit for 2022?.
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