The federal budget deficit was $1.6 trillion in the first 10 months of fiscal year 2023, the Congressional Budget Office estimates—more than twice the shortfall recorded during the same period last year. Revenues were 10 percent lower and outlays were 10 percent higher from October through July than they were…
Report: August 4, 2023. On July 12, 2023, the Senate Committee on the Budget convened a hearing at which Phillip L. Swagel, the Director of the Congressional Budget Office, testified about Social Security’s finances. After the hearing, Chairman Sheldon Whitehouse, Ranking Member Chuck Grassley, and Senator Ron Wyden submitted questions…
August 4, 2023. As ordered Reported by the House Committee on Oversight and Accountability on July 12, 2023. Summary: H.R. 4503 would require the Office of Management and Budget (OMB) to expand a training program to provide federal managers with an introductory understanding of the operational benefits and privacy risks…
Originally posted by John McClellan et. al. on July 25, 2023. As part of the legislative process, the Congressional Budget Office* supplies the Congress with cost estimates for legislation, economic and budget projections, and other economic assessments. Information from the research community is an important element of CBO’s analyses. This…
Original Posting by David Mosher et.al. on July 24, 2023* As part of the legislative process, the Congressional Budget Office supplies the Congress with cost estimates for legislation, economic and budget projections, and other economic assessments. Information from the research community is an important element of CBO’s analyses. This is…
Original posting by Richard DeKaser on the CBO Blog, July 21,2023.* As part of the legislative process, the Congressional Budget Office supplies the Congress with cost estimates for legislation, economic and budget projections, and other economic assessments. Information from the research community is an important element of CBO’s analyses. This…
Report, July 14, 2023 CBO estimates that plans for U.S. nuclear forces, as described in the fiscal year 2023 budget and supporting documents, would cost $756 billion over the 2023–2032 period, $122 billion more than CBO’s 2021 estimate for the 2021–2030 period. Summary: Nuclear weapons have been an important component…
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 17, 2023 This bill would: • Authorize the Department of Homeland Security (DHS) to provide danger pay allowances to employees who are stationed abroad in certain areas • Create new criminal penalties for destroying, damaging,…
CBO’s Director, Phillip Swagel, testifies about the agency’s projections of Social Security’s finances before the Senate Budget Committee. Established in 1974, The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government. It is charged with providing members of Congress objective analysis of…
In an earlier posting, CBO Projections: The 2023 Budget, we provided Congressional Budget Office (CBO) documents which discuss, from a budgetary perspective, their analysis and projections of what the federal budget and economy would look like over the next 20 years, if current laws generally remain unchanged. In this posting…