The Budget and Economic Outlook: An Update, September 2008 – “The Congressional Budget Office (CBO) estimates that the deficit for 2008 will be substantially higher than it was in 2007, rising from $161 billion last year to $407 billion this year. Furthermore, CBO’s projections indicate that if current laws and policies remain in place, deficits for the next two years will remain above $400 billion, or about 3 percent of gross domestic product (GDP). Over the longer term, the fiscal outlook continues to depend mostly on the future course of health care costs as well as on the effects of a growing elderly population.

• Economic Projections Tables
• Budget Projections Tables
• CBO’s Year-by-Year Forecast and Projections for Calendar Years 2008 to 2018
• Key Assumptions in CBO’s Projection of Potential Output
• Supplemental Data on Mandatory Outlays (As of March 2008)