CBO Baseline: The Deficit is Growing Again

The Congressional Budget Office released its new January baseline today. Assuming current laws and policies, the CBO forecasts that in FY 2008, revenues will total $2.7 trillion, expenditures will be $2.9 trillion, the deficit will be $219 billion (up from $163 billion in 2007), and the on-budget deficit will be $414 billion. As a share of GDP, revenues will be 18.7%, expenditures will be 20.2%, the deficit will be 1.5%, and the on-budget deficit will be 2.9%.

For the full text of this CBO Baseline release, please see the PDF attached below.