Congressional Budget Office

Federal Budget Challenges

Presentation at the U.S. Monetary Policy ForumDouglas W. ElmendorfDirectorFebruary 22, 2013

2C 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 Federal Deficits or Surpluses

(Percentage of GDP)

Estimates from The Budget and Economic Outlook: Fiscal Years 2013 to 2023 (February 2013).

3C 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 Federal Revenues and Outlays

(Percentage of GDP)

Estimates from The Budget and Economic Outlook: Fiscal Years 2013 to 2023 (February 2013).

4C 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

Actual Projected

(Percentage of GDP)

Estimates from The Budget and Economic Outlook: Fiscal Years 2013 to 2023 (February 2013).

5C 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 Major Federal Spending Categories

(Percentage of GDP)

Estimates from The Budget and Economic Outlook: Fiscal Years 2013 to 2023 (February 2013).

6C O N G R E S S I O N A L B U D G E T O F F I C E

Unemployment Rate

(Percent)

Estimates from The Budget and Economic Outlook: Fiscal Years 2013 to 2023 (February 2013).

7C O N G R E S S I O N A L B U D G E T O F F I C E

Components of Federal Spending

Estimates from The Budget and Economic Outlook: Fiscal Years 2013 to 2023 (February 2013).

(Percentage of GDP)