White House Budget Sheds Light On Long-Term U.S. Real GDP Growth Outlook

President Obama unveiled his final budget on Tuesday which proposed a $4.1 trillion spending plan for fiscal 2017.

"The Budget makes critical investments in our domestic and national security priorities while adhering to the bipartisan budget agreement signed into law last fall, and it lifts sequestration in future years so that we continue to invest in our economic future and our national security," President Obama wrote in his budget document.

"It also drives down deficits and maintains our fiscal progress through smart savings from health care, immigration, and tax reforms."

However, Reuters noted that the budget is unlikely to be passed by the Republican dominated Congress.

Long-Range GDP Forecast

Of note, the White House's budget assumes that U.S. real GDP growth will decrease from the 2.6 percent growth expected in 2016 to 2.3 percent growth in 2019. After 2019, real GDP growth on a year over year basis will remain flat at 2.3 percent through 2026.

By 2026, the GDP of the U.S. is expected to total $28.603 trillion.

2015's GDP is expected to rise to $17.948 trillion from $17.348 trillion in 2014.