Fiscal Year 2016 Mid-Season Review

This Mid-Session Review (MSR) updates the Administration's estimates for outlays, receipts, and the deficit for economic, legislative, and other changes that have occurred since the President's 2016 Budget (Budget) was released in February. The 2015 deficit is now projected to be $455 billion, $128 billion lower than the $583 billion deficit projected in February. As a percentage of gross domestic product (GDP), the 2015 deficit is now projected to equal 2.6 percent, down from 2.8 percent of GDP last year and down from the 3.2 percent projected in February. Going forward, the MSR estimates that the deficit will fall to between 2.2 and 2.4 percent of GDP for 2016 through 2018 and stabilize at 2.7 percent of GDP in the second half of the 10-year budget window. The MSR also confirms that the Budget's policies meet the key test of fiscal sustainability by stabilizing Federal debt as a share of the economy. The Budget achieves that goal while also investing in growth and opportunity for all.