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Research report

Tempting Fate: The Federal Budget Outlook

Alan J. Auerbach, William G. Gale
June 30, 2011
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Abstract

We present new estimates of the budget outlook, based on the latest projections from the Congressional Budget Office and the Medicare and Social Security Trustee reports. The medium-term and long-term budget outlook have not changed appreciably since last year. Under reasonable assumptions, the federal government is likely to face deficits in excess of 6 percent of GDP by late in the decade, even with a strong economy, with the debt-GDP ratio reaching 87.4 percent by 2021. The long-term budget outlook is sensitive to assumptions about how health care spending will respond to recent legislation.

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Campaigns, Proposals, and Reforms Federal Budget and Economy
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Research report

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