Over $2 Trillion in Annual Savings Needed to Stabilize Budget Deficit at 3% of GDP by 2034

Difference Between Current Policy Budget Deficits and a Budget Deficit Worth 3% of GDP, Fiscal Year 2025 to 2034

Note: Current policy budget deficit assumes current policy tax law and spending are maintained through FY 2034 as projected by Brian Riedl, Manhattan Institute. GDP projections are sourced to June 2024 Congressional Budget Office Projections.
Source: Congressional The Budget Office, "The Budget and Economic Outlook: 2024 to 2034," and Brian Riedl, "2024 Spending, Taxes, and Deficits: A Book of Charts."
Chart: Garrett WatsonEmbed Download imageGet the data