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.
CBO Blog
CBO To Release Updated Baseline Projections and Analysis of the President’s FY 2015 Budget Next Week
CBO plans to release its updated 10-year baseline projections of federal spending, revenues, and budget deficits on Monday, April 14.
The federal government ran a budget deficit of $413 billion for the first six months of fiscal year 2014, CBO estimates—$187 billion less than the shortfall recorded in the same span last year.
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.
Past experience indicates that CBO will receive lots of questions about the House's proposed budget resolution and CBO's "estimates" of its impact. This post explains a bit about such resolutions.
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.
Director Doug Elmendorf recently participated in The Atlantic’s Economy Summit and spoke to the Prosperity Caucus on CBO’s outlook for the economy.
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.
Director Doug Elmendorf testified before the Senate Appropriations Subcommittee on the Legislative Branch.