CBO Blog

  • October 28, 2011

    The U.S. military has come to rely on the Global Positioning System (GPS) to conduct many of its operations. The Department of Defense (DoD) is modernizing the system—in part to better counter deliberate interference—by purchasing new satellites and upgrading the systems that control the satellites.

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  • October 26, 2011

    This morning, for a second time, I testified before the Joint Select Committee on Deficit Reduction—the body created under the recently enacted Budget Control Act (Public Law 112-25) to propose further deficit reductions.

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  • October 25, 2011

    From 1979 to 2007, real (inflation-adjusted) average household income, measured after government transfers and federal taxes, grew by 62 percent.

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  • October 18, 2011

    The deductibility of charitable donations has been a feature of the U.S. individual income tax almost as long as the modern income tax has been in existence. Although the deduction encourages charitable giving, like other forms of preferential tax treatment, it results in a loss of revenue to the federal government.

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  • October 17, 2011

    On Friday, the Secretary of Health and Human Services (HHS) announced that the department does not plan to implement the Community Living Assistance Services and Supports (CLASS) long-term care insurance program under current law. A number of people have inquired about whether and how CBO will reflect that statement in its budget projections and cost estimates for legislation.

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  • October 14, 2011

    Just over half (52 percent) of all workers who filed tax returns in 2006 participated in some form of tax-favored retirement plan, CBO reports—in a study released today.

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  • October 7, 2011

    This afternoon CBO released a cost estimate for S. 1549, the American Jobs Act of 2011, as introduced by Senate Majority Leader Harry Reid on September 13, 2011. That legislation corresponds to the plan put forth by President Obama.

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  • October 7, 2011

    The federal government’s fiscal year 2011 has come to a close, and CBO estimates, in its latest Monthly Budget Review that the federal budget deficit for the year was about $1.30 trillion, approximately the same dollar amount as the shortfall recorded in 2010.

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  • October 7, 2011

    Yesterday afternoon, I was delighted to speak at the National Bureau of Economic Research’s annual Conference on Tax Policy and the Economy. I first attended this conference in 1988 and in the 20 years since then, I have learned from many of the papers presented and enjoyed listening to many luncheon speakers.

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  • September 30, 2011

    In blog postings this week, I’ve reviewed the historical experience and CBO’s projections for three broad components of the federal budget: revenues; Social Security and the major health care programs; and all other spending excluding interest payments. Today I’ll discuss some of the implications of that experience and those projections for future budget policy.

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