1.
Congressional Budget Office
Presentation to the National Association of Home Builders’
Financial Institutions and Capital Markets Subcommittee
October 13, 2020
Phillip L. Swagel
Director
An Overview of
The 2020 Long-Term Budget Outlook
For further information about the venue, see https://tinyurl.com/y2vg95bu.

2.
1
CBO
Federal Debt Held by the Public

3.
2
CBO
The Federal Budget

4.
3
CBO
Total Outlays and Revenues

5.
4
CBO
Components of Outlays

6.
5
CBO
Sources of Revenues

7.
6
CBO
Composition of Federal Deficits

8.
7
CBO
The Size of Policy Changes Needed to Make Federal Debt
Meet Two Possible Goals in 2050
79 Percent of GDP 100 Percent of GDP
Deficit Reduction Needed
Annually, 2025 to 2050 (Percentage of GDP)
3.6 2.9
Total reduction in 2025 (Billions of dollars) 900 730
Per person reduction in 2025 (Dollars) 2,700 2,200
2050 Debt Target

9.
8
CBO
How Timing Affects the Size of Policy Changes Needed to Make
Federal Debt Meet Two Possible Goals in 2050

10.
9
CBO
Population

11.
10
CBO
Average Annual Growth of Real Potential GDP

12.
11
CBO
Composition of Federal Outlays

13.
12
CBO
Interest Rate on 10-Year Treasury Notes

14.
13
CBO
Federal Debt If Total Factor Productivity Growth Differed

15.
14
CBO
Federal Debt If Interest Rates Differed