Articles Posted in Congressional Budget Office

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In this document, the Congressional Budget Office (CBO) provides information concerning implementation of the caps on most discretionary funding for fiscal year 2024 as established by the Fiscal Responsibility Act of 2023.

Summary of Document:

In this document, a letter from Philip L. Swagel, Director of the Congressional Budget Office, The Congressional Budget Office is providing information concerning implementation of the caps on most discretionary funding for fiscal year 2024 as established by the Fiscal Responsibility Act of 2023 (FRA; Public Law 118-5). The FRA sets separate caps (in law they are called limits) on defense funding (in law, revised security, which is budget function 050) and on nondefense funding (revised nonsecurity, which covers all other budget functions).

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December 15, 2023

The Congressional Budget reports that its May 2022 projections for fiscal year 2023, CBO overestimated revenues by 11 percent and underestimated outlays by 9 percent. CBO’s projection of the federal deficit for 2023 was less than the actual amount by 3.9 percent of GDP.

SUMMARY:

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In this report CBO responds to questions about the agency’s current view of economic growth and interest rates and the implications of that view for the federal budget—as well as about the implications of inflation for workers.

SUMMARY:

This letter responds to questions about the Congressional Budget Office’s current view of economic growth and interest rates and the implications of that view for the federal budget—as well as about the implications of inflation for workers.

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Nine new documents  as reported  by the House Committee on Small Business on September  26, 2023

H.R. 5426, a bill to require the Administrator of the Small Business Administration to provide a link to resources for submitting reports on suspected fraud relating to certain COVID-19 loans

As reported by the House Committee on Small Business on September 2
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CBO responds to Senator Rand Paul’s request for information about CBO’s operations had there been a shutdown on October 1.

CBO Letter responding to Senator Rand Paul’s request

Summary;

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Posted by Phil Swagel on September 29, 2023.

Because of CBO’s role in supporting the Congress in its constitutional function, the agency has been instructed by the House and Senate Budget Committees that if appropriated funds lapse and normal operations of the federal government are suspended, all CBO staff will be considered “excepted employees” and will continue working through at least October 10. In the context of a government shutdown, “excepted employees” are required to work even in the absence of an appropriation. If there is a government shutdown and it continues beyond October 10, the status of CBO’s staff will depend on the needs of the Congress.

Phillip L. Swagel is CBO’s Director

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As ordered reported by the House Committee on Veterans Affairs on July 26, 2023.

Summary:

H.R. 4278 would make several changes to disciplinary policies for employees of the Department of Veterans Affairs (VA).

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Aa Presented by Richard DeKaser, Congressional Budget Office Director of Macroeconomic Analysis, to Economic and Financial Counselors from the European Union on September 14, 2023.

Summary:

Forecast for 2023 to 2025:

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