1.
Press Briefing
May 25, 2022
Phillip L. Swagel
Director
The Budget and Economic Outlook:
2022 to 2032

2.
1
Projected
−15
−10
−5
0
5
1972 1982 1992 2002 2012 2022 2032
Percentage of Gross Domestic Product
Total Deficit
or Surplus
Primary Deficit
or Surplus
Net Interest
Outlays
Total Deficits, Primary Deficits, and Net Interest Outlays

3.
2
–2.1
–1.3
Trillions of Dollars
2022–2031 Deficit in CBO’s May 2022 Baseline
2022–2031 Deficit in CBO’s July 2021 Baseline
Net Increases in Revenues Stemming
From Revised Economic Projections
Net Increases in Revenues Stemming
From Technical Revisions
Net Increases in Mandatory and Discretionary
Outlays Attributable to Economic Changes
Increases in Net Interest Outlays Resulting From
Higher Interest Rates and Higher Inflation
Legislative Changes
Other Economic and Technical Changes
That Affect Outlays
12.1
14.5
2.4
1.5
1.5
0.4
Changes in CBO’s Baseline Projections of the
10-Year Deficit Since July 2021

4.
3
Federal Funds Rate
3-Month Treasury Bill Rate
10-Year Treasury Note Rate
Percent
0
2
4
6
8
2002 2007 2012 2017 2022 2027 2032
Projected
Interest Rates