The deficit will decrease to $492 billion in 2014, CBO projects. But under current law, deficits will begin rising again in 2016—and by 2024, debt will reach 78 percent of GDP, twice the average of the past 40 years.
Under budgetary paths, but not particular policies, specified by Chairman Ryan, 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.
Of the 437 bills CBO reviewed in 2013, 39 contained intergovernmental mandates and 53 contained private-sector mandates. Of the 72 public laws enacted in 2013, 3 contain intergovernmental mandates and 8 contain private-sector mandates.
Why was there such an unprecedented rise in the rate of long-term unemployment during and after the recession? What are some options for reducing that rate? CBO analyst Will Carrington discussed those issues during a recent presentation.
Director Doug Elmendorf testified on the effects of raising the minimum wage, noting that such an increase would boost family income for many low-wage workers but that some jobs for low-wage workers would probably be eliminated.