The Congressional Budget Office (CBO) released an update on August 24, 2011 of its Budget and Economic Outlook for fiscal years (FYs) 2012-2021. This report includes projections of federal spending, revenue, deficit, and debt, as well as economic forecasts, through 2021. The last CBO budget projections were released in March. The August projections are based on a current-law baseline, which generally reflects that current law will not change. If policy makers pass new legislation, levels of spending or revenue will differ from those projected in this baseline.