In fiscal year 2022, the federal deficit totaled nearly $1.4 trillion. That deficit was equal to 5.5 percent of GDP, down from 12.3 percent in 2021, but still larger than the 4.6 percent recorded in 2019—the most recent year not affected by the pandemic.
CBO Blog
CBO congratulates the Australian Parliamentary Budget Office on its 10th anniversary and highlights the role of independent fiscal institutions.
CBO projects the budgetary effects of automatic stabilizers—as well as the size of deficits without them—from 2022 to 2032 and provides historical estimates of the stabilizers’ effects since 1972.
The federal budget deficit was $1.4 trillion in fiscal year 2022, the Congressional Budget Office estimates—about half of last year’s deficit of $2.8 trillion. By CBO’s estimate, revenues were $850 billion (or 21 percent) higher and outlays were $548 billion (or 8 percent) lower than they were in fiscal year 2021.
CBO’s Director, Phillip Swagel, discusses the agency's recent work.
In this report, the latest in a quarterly series, CBO highlights its recent work and summarizes its work in progress.
CBO explains why it uses an income and payroll tax offset when estimating the budgetary effects of changes in indirect taxes, how the rate of the offset is set, and how it is applied in cost estimates and in baseline projections of revenues.
CBO identified policy approaches that federal lawmakers could adopt to reduce the prices that commercial insurers pay for hospitals’ and physicians’ services, thereby lowering health insurance premiums and the cost of federal subsidies.
CBO describes the effects and evolution of the opioid crisis in the United States, the factors that have contributed to it, the laws enacted to address it, and the effects of the coronavirus pandemic on the crisis.
CBO examines changes in the distribution of family wealth from 1989 to 2019 and analyzes those changes in relation to several family characteristics. In addition, the agency examines how total family wealth has changed since 2019.