SOURCE: Data from the Congressional Budget Office, The 2012 Long-Term Budget Outlook, June 2012. Compiled by PGPF.
In CBO's current-law scenario, revenues are projected to grow to about 24 percent of GDP in 2037. At that level, they would be well above their historical average of 18 percent of GDP over the last 40 years. Under the current-policy scenario they would rise to no higher than 18.5 percent of GDP in the long run. At that level revenues would fall well short of spending assumed in the scenario. In 2037, for instance, revenues would be more than 7 percentage points of GDP less than noninterest spending. That shortfall would amount to $1.1 trillion today.
This chart appeared as part of PGPF's analysis of Congressional Budget Office's 2012 Long-Term Budget Outlook. To read the full report, click here.
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Peter G. Peterson Foundation Chart Pack:
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues. In this set of charts, we aim to frame the financial condition and fiscal outlook of the U.S. government within a broad economic, political, and demographic context. Download (.PDF)