Director Keith Hall spoke to the Center for Strategic Tax Reform, highlighting the key points of CBO’s latest long-term budget projections.
CBO Blog
CBO Director Keith Hall testifies on the long-term budget outlook before the Committee on Homeland Security and Governmental Affairs, United States Senate.
The federal government ran a budget deficit of $314 billion for the first nine months of fiscal year 2015, CBO estimates.
The Congress adopted a concurrent resolution on the FY16 budget that requires CBO, to the greatest extent practicable, to include macroeconomic effects in its 10-year cost estimates of major legislation approved by Congressional committees.
CBO and the staff of the Joint Committee on Taxation estimate that, over the next decade, a repeal of the Affordable Care Act would probably increase budget deficits with or without considering the effects of macroeconomic feedback.
Highway Trust Fund revenue cannot support current spending. The fund’s projected shortfalls could be addressed by reducing spending, increasing tax revenue credited to the trust fund, or transferring money from the Treasury’s general fund.
Director Keith Hall testified before the Senate Budget Committee on CBO's latest long-term projections for the budget.
Highway Trust Fund revenue cannot support current spending. The fund’s projected shortfalls could be addressed by reducing spending, increasing tax revenue credited to the trust fund, or transferring money from the Treasury’s general fund.
If current laws remained generally unchanged, federal debt held by the public would exceed 100 percent of GDP by 2040 and continue on an upward path relative to the size of the economy—a trend that could not be sustained indefinitely.
The Congressional Budget Office will release its annual long-term budget projections on Tuesday, June 16.