Long-Term Federal Budget Projections
The Congressional Budget Office’s projections suggest that, if current policies remain in place, federal revenues will grow at the same pace as GDP and will stay at just below 20% of GDP through 2070 (under mid-range economic and demographic assumptions). However, federal expenditures as a percent of GDP will begin to rise after 2013. The increase will be sustained over several decades, reaching one-third of GDP by 2070.
Suggested citation: "Long-Term Federal Budget Projections," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-01, pp. 14, 01.01.2001.