CBO projects that, under current law, the federal budget deficit will fall to $468 billion in 2015 – 2.6 percent of GDP – and remain roughly stable, as a percentage of GDP, through 2018. After that, the gap between spending and revenues is projected to grow, raising the already high level of federal debt.

CBO anticipates that, under current law, economic activity will expand at a solid pace in 2015 and the next few years, reducing the amount of underused resources, or “slack,” in the economy.

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CBO estimates the Administration’s plans for nuclear forces would cost $348 billion for the Departments of Defense and Energy for 2015–2024, a figure close to its 2013 estimate of $355 billion for the 2014–2023 period.

Although those 10-year totals are similar, CBO projects DoD’s costs will be $6 billion (or 3 percent) higher and DOE’s $13 billion (or 9 percent) lower than CBO estimated in 2013.

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Temporary Assistance for Needy Families (TANF) is a federal program administered by states that provides cash assistance, work support, and other services to some low-income families.

This report examines spending on TANF, how TANF compares to other federal programs for low-income families, and the effects of TANF on employment. CBO also analyzes policy options that would change the program’s federal funding and requirements for states regarding employment and nonfederal funding.

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In recent years, policymakers have considered proposals to modify the nation’s immigration system. This report describes the factors CBO considers when it assesses the budgetary effects of proposed changes to immigration policy. The report details noncitizens’ eligibility for federal benefits and their tax liability, and the kinds of effects that changes in immigration policies could have on the federal budget.

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This report presents additional information about CBO’s long-term projections of revenues and outlays for Social Security and provides information on Social Security benefits and payroll taxes for people born in different years and at different earnings levels.

CBO has made a number of changes in the presentation and methodology of its distributional estimates since last year’s report. Lifetime Social Security benefit-to-tax ratios are higher this year as a result of those changes.

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The Budget and Economic Outlook: 2015 to 2025
Projected Costs of U.S. Nuclear Forces, 2015 to 2024
Temporary Assistance for Needy Families: Spending and Policy Options
How Changes in Immigration Policy Would Affect the Federal Budget
CBO’s 2014 Long-Term Projections for Social Security: Additional Information