Under budgetary paths, but not particular policies, specified by Chairman Enzi, total deficits and debt would be smaller than under CBO’s baseline. Economic output would be lower in the next few years but higher thereafter.
CBO Blog
CBO estimates that, all told, the TARP’s transactions will cost the federal government $28 billion. That estimate accounts for the realized costs of completed transactions and the estimated costs of outstanding and anticipated transactions.
The Chairmen of the House and Senate Budget Committees have announced that the committees will be developing and voting on proposed budget resolutions this week. What are budget resolutions, and what is CBO’s role in this process?
Under budgetary paths, but not particular policies, specified by Chairman Price, total deficits and debt would be smaller than under CBO’s extended baseline. Economic output would be lower in the next few years but higher thereafter.
CBO examines several options that would reduce federal spending on the Supplemental Nutrition Assistance Program (SNAP) and the effects they would have on households with different amounts of income.
The Navy can sustain its forward presence under smaller shipbuilding budgets by using longer deployments, more overseas basing, and more rotating crews. But those methods would offset some of the savings and have other disadvantages.
CBO projects the President’s budget would result in deficits totaling $6.0 trillion between 2016 and 2025, $1.2 trillion less than under CBO’s current-law baseline. By 2025, debt would total about $1 trillion less than in CBO’s baseline.
Federal agencies spent over $500 billion for contracted products and services in 2012, according to federal data. Between 2000 and 2012, such spending grew more quickly than inflation and also grew as a percentage of total federal spending.
CBO celebrated its 40th anniversary two weeks ago and hosted an event at the U.S. Capitol. CBO was honored to receive congratulatory remarks from both the House and Senate Budget Committees, and was delighted to host its former directors.
CBO Director Douglas W. Elmendorf testified on CBO’s appropriation request for fiscal year 2016 before the Subcommittee on the Legislative Branch, Committee on Appropriations, United States Senate.