CBO projects that if the debt limit is unchanged, the measures that the Treasury has been taking to avoid breaching that limit will be exhausted sometime between mid-November and early December, and the Treasury will then run out of cash.
CBO Blog
CBO expects that the deficit this year will be $426 billion––$60 billion less than projected in March. The economy is expected to expand modestly this year, at a solid pace in 2016 and 2017, and at a more moderate pace in subsequent years.
The President’s policies would make U.S. output larger over the next decade than it would be under current law—mostly by changing immigration laws. Such economic effects would feed back into the budget in ways that would reduce deficits.
In a report required by law, CBO provides estimates of the caps on discretionary funding for each fiscal year through 2021. CBO concludes that the discretionary appropriations provided to date for 2015 do not exceed the caps for this year.
The federal government’s budget deficit amounted to $463 billion for the first 10 months of fiscal year 2015, CBO estimates.
The report will be available on CBO’s website at 10:00 a.m.
How will CMMI’s activities affect federal spending under current law? How does CBO estimate the budgetary effects of legislation that would affect CMMI’s current or future activities?
Would expanding Medicare coverage for telemedicine services increase or decrease federal spending? How does CBO estimate the budgetary effects of proposals related to telemedicine?
Director Keith Hall spoke to the Center for Strategic Tax Reform, highlighting the key points of CBO’s latest long-term budget projections.
CBO Director Keith Hall testifies on the long-term budget outlook before the Committee on Homeland Security and Governmental Affairs, United States Senate.