CBO typically underestimates debt growth near the beginning of a recession: Average budget-year debt error as a percent of GDP
| Debt | |
|---|---|
| Average Error Near the Beginning of Economic Downturns | -5.444 |
| Average Error for Other Projections | 0.802 |
| Average Error for All Projections | 0.251 |
Source: EPI analysis of the Congressional Budge Office's September 2019 report on past deficit and debt projection.