This report summarizes the Congressional Budget Office’s February 2023 economic projections, which the agency  used in updating its projections of federal revenues and spending through 2033. CBO’s economic projections reflect  several factors: economic developments as of December 6, 2022; the assumption that current laws governing federal  taxes and spending generally remain in place; and CBO’s initial assessment of full-year discretionary funding for the  federal government for fiscal year 2023. (That initial assessment, which was based on proposals under discussion in  early December, is 4 percent lower than CBO’s current estimate of total discretionary funding for fiscal year 2023.)  The economic projections cover such key variables as economic output, inflation, interest rates, and conditions in the  labor market.