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Discount Rates for Cost-Effectiveness Analysis of Federal Programs

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Office of Management and Budget


Revisions to Appendix C of OMB Circular A-94.


The Office of Management and Budget (OMB) revised Circular A-94 in 1992. With this action, OMB has revised the Circular and specified certain discount rates to be updated annually when the interest rate and inflation assumptions used to prepare the Budget of the United States Government were changed. These updated discount rates are found in Appendix C of the revised Circular and are to be used for cost-effectiveness analysis, including lease-purchase analysis, as specified in the revised Circular. These rates do not apply to regulatory analysis.

The revised Circular can be accessed at​wp-content/​uploads/​2019/​12/​Appendix-C.pdf.


The revised discount rates will be in effect through December 2020.

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Rachel Hernández, Office of Economic Policy, Office of Management and Budget, (202) 395-3585.

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Vance Ginn,

Associate Director for Economic Policy, Office of Management and Budget.

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[FR Doc. 2019-27575 Filed 12-20-19; 8:45 am]