Table of Contents

Highlights 1

Summary 3

Economic outlook 4

Fiscal outlook 7

Risks and uncertainty 12

Fiscal Anchors 13

Appendix A: Detailed economic outlook 16

Appendix B: Composition of nominal GDP 18

Appendix C: Detailed revenue outlook 19

Appendix D: Detailed expense outlook 20

Appendix E: Employment Insurance Operating Account 22

Appendix F: Direct program expenses 23

Appendix G: Federal debt outlook 24

Appendix H: Comparison to September 2025 outlook 25

Appendix I: Comparison to SEU 2026 27

Note 29