CBO Blog


CBO Releases Annual UMRA Report March 30, 2012 In 1995, the Unfunded Mandates Reform Act (UMRA) was enacted to ensure that the Congress receives information, during the legislative process, about federal mandates—requirements that would be imposed on state, local, and tribal governments and on entities in the private sector. In particular, UMRA defines a legislative provision as a mandate if that provision, when enacted, would:
CBO Releases Report on the Troubled Asset Relief Program—March 2012 March 28, 2012 Today CBO released the latest in a series of statutory reports on transactions undertaken as part of the Troubled Asset Relief Program (TARP)—the program established in October 2008, during the financial crisis, to enable the Department of the Treasury to promote stability in financial markets through the purchase and guarantee of "troubled assets." CBO also updated its infographic on the TARP, which summarizes the most pertinent details about the program since its inception: the types of assistance, cash disbursements,
Choices for Federal Spending and Taxes March 26, 2012 I was pleased to have an opportunity to speak this morning to the National Association for Business Economics about the choices our country faces about federal spending and taxes. My slides can be viewed below. The essence of my comments was the following:
Alternative Approaches for Reducing Budget Deficits March 26, 2012 The explosive path of federal debt that CBO projects under what many observers would view as current policies underscores the need for policy changes to put the nation on a sustainable course. In response to a request from House Budget Committee Chairman Paul Ryan, CBO examined a few alternative approaches for preventing deficits from growing in an unsustainable way.
Presentation on The Federal Budget Outlook and Aid to States March 21, 2012 Yesterday morning, CBO's Associate Director for Economic Analysis, Jeffrey Kling, spoke to the National Lieutenant Governors Association. His presentation—which can be viewed below—focused on the federal budget outlook (which you can read more about in my post on CBO's updated budget projections from last week) and federal programs that provide aid to states and localities. The following is some of the information he presented about the outlook for such programs.
CBO Releases a Report on the Long-Term Budgetary Impact of Paths for Federal Revenues and Spending Specified by Chairman Ryan March 20, 2012 At the request of the Chairman of the House Budget Committee, Congressman Paul Ryan, CBO has calculated the long-term budgetary impact of paths for federal revenues and spending specified by the Chairman and his staff.
Another Comment on CBO’s Estimates for the Insurance Coverage Provisions of the Affordable Care Act March 16, 2012 CBO released two reports this week related to the analysis of the Affordable Care Act (ACA) conducted by CBO and the staff of the Joint Committee on Taxation (JCT). One report presented updated estimates for the insurance coverage provisions of the ACA, and the other responded to questions we’ve received regarding the effects of the ACA on employment-based health insurance.
CBO Releases An Analysis of the President's 2013 Budget March 16, 2012 Each year, after the President releases his annual budget request in February, CBO analyzes the budget proposals and, using its own estimating procedures and economic assumptions, projects what the federal budget would look like over the next 10 years if those proposals were adopted. CBO usually provides those results in two parts.
The Effects of the Affordable Care Act on Employment-Based Health Insurance March 15, 2012 CBO and the staff of the Joint Committee on Taxation (JCT) continue to expect that the Affordable Care Act (ACA)—the health care legislation enacted in March 2010—will lead to a small reduction in the number of people receiving employment-based health insurance. Some observers have expressed surprise that CBO and JCT have not expected a much larger reduction given the expanded eligibility for Medicaid and the subsidies for insurance coverage purchased through health insurance “exchanges” that will result from the ACA.
CBO Releases Updated Estimates for the Insurance Coverage Provisions of the Affordable Care Act March 13, 2012 In preparing the March 2012 baseline budget projections, CBO and the staff of the Joint Committee on Taxation (JCT) have updated estimates of the budgetary effects of the health insurance coverage provisions of the Affordable Care Act (ACA)—the health care legislation enacted in March 2010. Those provisions:
CBO Releases Updated Budget Projections for Fiscal Years 2012 to 2022 March 13, 2012 As it usually does in March, CBO has updated the baseline budget projections that it released in January. The new baseline projections incorporate the budgetary effects of recently enacted legislation and updated technical assumptions based on new information (such as data about spending and revenues so far this year and program details released in conjunction with the President’s budget). CBO has not revised its outlook for the economy since January.
What Is the Role of Small Firms in the Labor Market, and How are Small Firms Affected by Federal Policy? March 12, 2012 Policymakers, analysts, and the public continue to express concern about the prospects for job creation. Although the most recent recession ended more than two years ago, the recovery has been slow, and the economy remains in a severe slump.
CBO to Release Updated Baseline Next Week March 7, 2012 CBO plans to release its updated baseline projections of federal spending, revenues, and budget deficits for the 2012–2022 period on Tuesday, March 13. CBO’s analysis of the President’s budgetary proposals will be released in a separate report a few days later.
Federal Deficit for First Five Months of FY 2012: $578 Billion March 7, 2012 CBO Estimates That the Federal Budget Deficit Totaled $578 Billion for the First Five Months of Fiscal Year 2012 The federal government incurred a budget deficit of $578 billion in the first five months of fiscal year 2012 (that is, October 2011 through February 2012), CBO estimates in its latest Monthly Budget Review—$63 billion less than the shortfall recorded for the same period last year. Without shifts in the timing of certain payments and in the recording of tax refunds, however, the deficit would have been close to $600 billion.
How Much Does the Federal Government Support the Development and Production of Fuels and Energy Technologies? March 6, 2012 The federal government has used both tax preferences and spending programs to provide financial support for the development and production of fuels and energy technologies in recent decades. At the request of Senate Energy and Natural Resources Committee, CBO released a brief addressing the following questions:
Should Fair-Value Accounting Be Used to Measure the Cost of Federal Credit Programs? March 5, 2012 The federal government supports some private activities—such as home ownership, postsecondary education, and certain commercial ventures—by making or guaranteeing loans. At the end of fiscal year 2011, about $2.7 trillion was outstanding in federal direct loans and loan guarantees.