CBO, Report: An Update to the Budget Outlook: 2023 to 2033

“CBO’s projection of the deficit this year is subject to an unusually high degree of uncertainty. That uncertainty has increased since the updated projections were finalized in late March, in part because of new information. In particular, revenue collections through April of this year were lower than the agency projected. CBO’s projection of outlays for 2023 also is subject to considerable uncertainty because the outcome of a case, now before the Supreme Court, regarding student loan debt could affect outlays for the current year. As a result, the deficit for 2023 could be much larger or smaller than the $1.5 trillion shown in CBO’s updated projections.”