Congressional Budget Office Gdp

It reviews the president s annual budget it also reports on the deficit impact of every important piece of legislation.

Congressional budget office gdp. The us debt is projected to exceed the size of the entire country s economy next year the congressional budget office said wednesday. Congress it also assists the house and senate budget committees. Potential gdp is cbo s estimate of the maximum sustainable output of the economy.

Beginning in january 2020 these files also include projections of potential gdp the economy s maximum sustainable output and its underlying inputs. The economy real gdp is projected to grow by 2 3 percent in 2019 down from 3 1 percent in 2018 as the effects of the 2017 tax act on the growth of business investment wane and federal purchases as projected under current law decline sharply in the fourth quarter of 2019. Projections of output prices labor market measures interest rates and income.

In may 2020 cbo published selected 2 year and 10 year economic projections. Cbo estimates that real gross domestic product will contract by 11 percent in the second quarter of this year which is equivalent to a decline of 38 percent at an annual rate and that the number of people employed will be almost 26 million lower than the number in the fourth quarter of 2019. Real values are nominal values that have been adjusted to remove the effects of changes in prices.

Bureau of economic analysis. The congressional budget office has warned that the government this year will run the largest budget deficit as a share of the economy since 1945 the year world war ii ended.