The federal government’s revenues will increase by 9 percent in 2014 and by another 9 percent in 2015, CBO projects in The Budget and Economic Outlook: 2014 to 2024, reaching $3.3 trillion in 2015—about $530 billion more than receipts in 2013. As a share of gross domestic product (GDP), revenues are projected to rise from 16.7 percent in 2013 to 17.5 percent (about the average for the past 40 years) in 2014 and to 18.2 percent in 2015. They are projected to remain between 18.0 percent and 18.4 percent of GDP from 2016 through 2024. Because of the recent recession, revenues had fallen to 14.6 percent of GDP in both 2009 and 2010 (see the figure below).
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