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Budget and economic projections, 2025-01

Economic projections: This file presents data that supplement CBO's January 2025 report The Budget and Economic Outlook: 2025 to 2035.

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10-Year Treasury note Percent
10-year Treasury note rate in 2025: 4.093 %
cbo-projections-2025-01-001
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Consumer price index, all urban consumers (CPI-U) 1982-84=100 / Percentage change, annual rate
CPI-U inflation in 2025: 2.235 %
cbo-projections-2025-01-006
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deficit, Total (baselines.csv)
federal budget deficit in 2025: -1871.831 billion USD (negative = deficit)
cbo-projections-2025-01-011
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Real GDP Billions of chained (2017) dollars / Percentage change, annual rate
real GDP growth in 2025: 2.124 %

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10-Year Treasury note Percent
10-year Treasury note rate in 2026: 3.935 %
cbo-projections-2025-01-002
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Consumer price index, all urban consumers (CPI-U) 1982-84=100 / Percentage change, annual rate
CPI-U inflation in 2026: 2.441 %
cbo-projections-2025-01-007
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deficit, Total (baselines.csv)
federal budget deficit in 2026: -1709.089 billion USD (negative = deficit)
cbo-projections-2025-01-012
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Real GDP Billions of chained (2017) dollars / Percentage change, annual rate
real GDP growth in 2026: 1.827 %
cbo-projections-2025-01-017
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Unemployment rate, civilian, 16 years or older Percent
unemployment rate in 2026: 4.364 %
cbo-projections-2025-01-022

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10-Year Treasury note Percent
10-year Treasury note rate in 2027: 3.914 %
cbo-projections-2025-01-003
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Consumer price index, all urban consumers (CPI-U) 1982-84=100 / Percentage change, annual rate
CPI-U inflation in 2027: 2.315 %
cbo-projections-2025-01-008
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deficit, Total (baselines.csv)
federal budget deficit in 2027: -1680.7 billion USD (negative = deficit)
cbo-projections-2025-01-013
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Real GDP Billions of chained (2017) dollars / Percentage change, annual rate
real GDP growth in 2027: 1.763 %
cbo-projections-2025-01-018
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Unemployment rate, civilian, 16 years or older Percent
unemployment rate in 2027: 4.393 %
cbo-projections-2025-01-023

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10-Year Treasury note Percent
10-year Treasury note rate in 2028: 3.894 %
cbo-projections-2025-01-004
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Consumer price index, all urban consumers (CPI-U) 1982-84=100 / Percentage change, annual rate
CPI-U inflation in 2028: 2.257 %
cbo-projections-2025-01-009
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deficit, Total (baselines.csv)
federal budget deficit in 2028: -1903.926 billion USD (negative = deficit)
cbo-projections-2025-01-014
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Real GDP Billions of chained (2017) dollars / Percentage change, annual rate
real GDP growth in 2028: 1.744 %
cbo-projections-2025-01-019
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Unemployment rate, civilian, 16 years or older Percent
unemployment rate in 2028: 4.404 %
cbo-projections-2025-01-024

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10-Year Treasury note Percent
10-year Treasury note rate in 2029: 3.871 %
cbo-projections-2025-01-005
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Consumer price index, all urban consumers (CPI-U) 1982-84=100 / Percentage change, annual rate
CPI-U inflation in 2029: 2.242 %
cbo-projections-2025-01-010
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deficit, Total (baselines.csv)
federal budget deficit in 2029: -1931.362 billion USD (negative = deficit)
cbo-projections-2025-01-015
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Real GDP Billions of chained (2017) dollars / Percentage change, annual rate
real GDP growth in 2029: 1.786 %
cbo-projections-2025-01-020
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Unemployment rate, civilian, 16 years or older Percent
unemployment rate in 2029: 4.385 %
cbo-projections-2025-01-025