CBO Long Term Budget Outlook for 2020

On September 21, 2020 the Congressional Budget Office released its annual Long Term Budget Outlook for 2020, which projects federal spending and revenue out to 2050.  As before, the CBO study shows that federal health-care programs and interest costs will eat the budget, with federal spending exceeding 25 percent GDP by the mid 2030s while federal revenue stays below 19 percent GDP.

UsGovernmentspending.com has updated its chart of the CBO Long Term Budget Outlook here.  You can download the data and also view CBO Long Term Budget Outlooks going back to 1999.

State FY20 Taxes Update

On September 22, 2020 usgovernmentspending.com updated FY2020 state revenue with quarterly tax data released by the US Census Bureau on September 9, 2020.  Local tax data was updated by assuming that local taxes for 2020 changed by the same percent as state taxes of the same type.

$ billion	FY2020 Estimate	FY2020 Actual
State Income Tax Revenue	$487	$487
Total State Revenue	$2,099	$2,088

State and local spending projections for FY2021 to FY2025 have been reestimated using the "Guesstimate" method.