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The federal budget deficit was $1.8 trillion in fiscal year 2025, the congressional budget office estimates, $8 billion less than the shortfall recorded during fiscal year 2024 The congressional budget office and the staff of the joint committee on taxation (jct) have recently estimated the budgetary effects of the one big beautiful bill act, as ordered reported by the house committee on the budget on may 18, 2025.1 cbo allocated the effects on revenues and spending to households. Revenues increased by an estimated $308 billion (or 6 percent)
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Increases in collections of individual income taxes and customs duties were partially offset by a decline in corporate tax receipts Cbo was established by the congressional budget act of 1974 (the budget act) to provide objective, nonpartisan information to support the congressional budget process. Budget and economic data cbo regularly publishes data to accompany some of its key reports
Lawmakers created the congressional budget office to help the congress play a stronger role in budget matters
Cbo was established by the congressional budget act of 1974 (the budget act) to provide objective, nonpartisan information to support the congressional budget process and to help the congress make effective budget and economic policy. Cbo also prepares cost estimates and mandate statements for nearly all bills that are reported by congressional committees Numerous analytic studies provide more. Cbo's budget and economic outlook, typically produced in january each year and updated in august, includes an economic forecast and projections of spending and revenues under current law—known as baseline projections—over the next 10 years
Cbo also updates its budget projections each spring in conjunction with its analysis of the president's budgetary proposals The federal budget deficit was $1.8 trillion in fiscal year 2025, cbo estimates, $8 billion less than the shortfall recorded during fiscal year 2024. The budget and economic outlook 2025 to 2035 the congressional budget office regularly publishes reports presenting its baseline projections of what the federal budget and the economy would look like in the current year and over the next 10 years if laws governing taxes and spending generally remained unchanged
This report is the latest in that series, presented in an abbreviated version to.
