February 07, 2024
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CBO 2024 Baseline: The Baseline Under President Biden
The Deterioration of the Federal Budget Outlook Since Biden Took Office:
- Since January 20, 2021, the gross federal debt has increased by $6.4 trillion.
- To put that in perspective, the federal government has accumulated more debt in the last three years than in the first 214 years of the U.S. federal government (1789-2002).
- The debt continues to grow at an unsustainable rate under current policies. The latest Congressional Budget Office (CBO) baseline projected gross federal debt would increase by afurther $18.2 trillion over the next ten years, reaching $52.4 trillion by 2033.
- Over the next thirty years, CBO projects the gross federal debt to more than quadruple, increasing by almost $120 trillion.
- On February 7, 2024, CBO will publish its newest projections, “The Budget and Economic Outlook: 2024 to 2034.”
How the CBO Baseline Has Changed Under Biden:
Federal Spending:
- Compared to the CBO baseline President Biden inherited, projected ten-year outlays have increased from $61.2 trillion to $80.1 trillion, an increase of $18.9 trillion or 30.8 percent.
- This translates to a 10 percent jump in outlays as a percentage of GDP.
- Projected ten-year interest payments on the debt are up $6.0 trillion, or 131.9 percent.
Deficits:
- Projected ten-year deficits are up $8.0 trillion, or 65.6 percent.
Revenue:
- Contrary to Democrats’ claims, this country has a spending problem—not a revenueproblem. Projected ten-year revenues are up $10.8 trillion, or 22.1 percent.
