Congressional Budget Office

January 19, 2024

CBO Scheduled To Release Budget and Economic Outlook From 2024 to2034

Today 1/19 we received the following posting from Deborah Kilroe of the Congressional Budget Office (CBO) announcing the release of its budget outlook on February 7. We are forwarding this announcement as a service to our readers:

The Congressional Budget Office will release The Budget and Economic Outlook: 2024 to 2034 at 2:00 p.m. EST on Wednesday, February 7. In December 2023, CBO released details about its forthcoming economic projections, focusing on the near term. Next month’s report will include the agency’s full 10-year economic forecast, as well as its updated 10-year budget projections. CBO last published budget projections in May 2023.

A briefing for credentialed members of the press will be held from 3:00 p.m. to 4:00 p.m. on February 7. CBO’s Director, Phillip Swagel, will make brief remarks and then answer questions about the report. More information about the briefing will soon be available on CBO’s press page.

January 6, 2024

CBO: Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers

by David Badertscher

A presentation by Congressional Budget Office (CBO) analysts Rebecca Heller, Shannon Mok, and James Pearce, and Census Bureau research economist Jonathan Rothbaum at the American Economic Association Annual Meeting, Committee on Economic Statistics on January 5, 2024. According to the CBO, the purpose of this presentation is to summarize preliminary work conducted by CBO and the Census Bureau as part of CBO’s ongoing efforts to increase its capacity to analyze budgetary and economic outcomes for various demographic groups.

INTRODUCTION TO PRESENTATION:

Internal Revenue Service (IRS) data provide high-quality measures of income and are useful for studying how the tax system affects households. But those

January 5, 2024

CBO: Implementing the Statutory Limits on Discretionary Funding for Fiscal Year 2024

by David Badertscher

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).

December 16, 2023

Congressional Budget Office: The Accuracy of CBO’s Budget Projections for 2023

by David Badertscher

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:

December 16, 2023

Congressional Budget Office: CBO’s Current View of the Economy and the Implication for Federal Budget and Workers

by David Badertscher

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.

November 22, 2023

New From the U.S. Congressional Budget Office: Received November 21, 2023

by David Badertscher

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

October 31, 2023

H.R. 1809, Block the Use of Transatlantic Technology in Iranian Made Drones Act

by David Badertscher

New from the Congressional Budget Office (CBO)

H.R. 1809, Block the Use of Transatlantic Technology in Iranian Made Drones Act:

Cost Estimate (October 30, 2023)

October 15, 2023

Congressional Budget Office Plans in the Event of a Government Shutdown

by David Badertscher

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;

September 30, 2023

Congressional Budget Office (CBO) Plans in the Event of a Government Shutdown

by David Badertscher

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