CBO Director Doug Elmendorf presents testimony about CBO’s latest report on the budget and economic outlook before the Committee on the Budget, U.S. House of Representatives.
CBO Blog
This afternoon we released our annual report on the outlook for the budget and the economy. In a briefing for the press, I delivered the following summary of our analysis, with accompanying slides shown below).
Under current law, the deficit is projected to hold steady as a percentage of GDP through 2018, but rise thereafter, raising the already high federal debt. The rate of economic growth is projected to be solid in 2015 and the next few years.
CBO estimates the Administration’s plans for nuclear forces would cost $348 billion over the next decade, close to last year’s estimate. However, projected costs for both the Departments of Defense and Energy have changed somewhat.
This report examines spending on TANF, how TANF compares to other low-income support programs, and the effects of TANF on employment. CBO also analyzes policy options that would change the program’s funding and requirements for states.
Proposals to modify U.S. immigration policy vary greatly in terms of their potential impact on the federal budget. CBO details the factors the agency considers when estimating the budgetary effects of proposed changes to immigration policy.
CBO reports annually to the Congress on programs funded for the current fiscal year whose authorizations of appropriations have expired and on programs whose authorizations of appropriations will expire during the current fiscal year.
The report will be available on CBO's website at 2:00 p.m. The report will include updated economic and budget projections spanning the period from 2015 to 2025.
CBO must issue a report that provides estimates of the caps on discretionary budget authority in effect for each fiscal year through 2021. CBO estimates that the appropriations enacted for this year have not exceeded the 2015 caps.
The federal government's budget deficit was $175 billion for the first three months of fiscal year 2015, $3 billion more than the shortfall recorded in the same period last year, CBO estimates.