The Budget and Economic Outlook: An Update

Abstract : This volume is one of a series of reports on the state of the budget and the economy that the Congressional Budget Office (CBO) issues each year. It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget. In keeping with CBO s mandate to provide objective, impartial analysis, this report makes no recommendations. The baseline spending projections were prepared by CBO s Budget Analysis Division. The revenue estimates were prepared by the agency s Tax Analysis Division, with assistance from the staff of the Joint Committee on Taxation. The economic projections were prepared by CBO s Macroeconomic Analysis Division.