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Congressional Budget Office
The Budget and Economic Outlook: 2015 to 2025
Press Briefing
Douglas W. Elmendorf Director January 26, 2015
For more details, see www.cbo.gov/publication/49892.
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1 C O N G R E S S I O N A L B U D G E T O F F I C E
The Budget Outlook
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2 C O N G R E S S I O N A L B U D G E T O F F I C E
Total Deficits or Surpluses
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3 C O N G R E S S I O N A L B U D G E T O F F I C E
Federal Debt Held by the Public
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4 C O N G R E S S I O N A L B U D G E T O F F I C E
Total Outlays
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5 C O N G R E S S I O N A L B U D G E T O F F I C E
Outlays, by Type of Spending
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6 C O N G R E S S I O N A L B U D G E T O F F I C E
Total Outlays and Revenues
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7 C O N G R E S S I O N A L B U D G E T O F F I C E
Revenues, by Major Source
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8 C O N G R E S S I O N A L B U D G E T O F F I C E
The Economic Outlook
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9 C O N G R E S S I O N A L B U D G E T O F F I C E
Projected Growth in Real GDP
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10 C O N G R E S S I O N A L B U D G E T O F F I C E
GDP and Potential GDP
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11 C O N G R E S S I O N A L B U D G E T O F F I C E
Overall and Natural Rates of Unemployment
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12 C O N G R E S S I O N A L B U D G E T O F F I C E
Key Inputs in CBO’s Projection of Potential GDP
By Calendar Year, in Percent
Average Annual Growth
Projected Average Annual Growth
1982- 2002- 2015- 2020-
2001 2014 2019 2025
Potential GDP 3.2 2.1 2.1 2.2
Potential Labor Force 1.4 0.7 0.5 0.6
Potential Labor Force Productivity 1.7 1.4 1.6 1.6
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13 C O N G R E S S I O N A L B U D G E T O F F I C E
Inflation
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14 C O N G R E S S I O N A L B U D G E T O F F I C E
Interest Rates on Treasury Securities