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Director's Blog
CBO Publishes Report and Infographic on Energy Security in the United States
May 9, 2012Energy use—for electricity, transportation, and heating and air conditioning—is pervasive throughout the U.S. economy, representing 8.4 percent of U.S. gross domestic product in 2010. About 80 percent of the energy used by households and businesses comes from oil, natural gas, and coal; the rest comes from nuclear power and renewable sources, such as wind and the sun....
Federal Budget Deficit Totaled $721 Billion for the First Seven Months of 2012, CBO Estimates
May 7, 2012The federal government incurred a budget deficit of $721 billion in the first seven months of fiscal year 2012, CBO estimates in its latest Monthly Budget Review—$149 billion less than the shortfall reported during the same period last year. Without shifts in the timing of certain payments, however, the deficit so far this year...
Criteria for Evaluating Budget Plans
May 4, 2012On Wednesday I visited the University of Chicago, where I made a presentation on "The Challenge of Stabilizing Federal Debt" and spoke with a number of professors. My hosts included several members of CBO's Panel of Economic Advisers, and I was pleased to be able to spend time with them and with other members of the Chicago faculty.
I'm often asked to comment on...
CBO Releases Study on How Proposed Fuel Economy Standards Would Affect the Highway Trust Fund
May 2, 2012Federal highway and mass transit programs are financed largely by a variety of transportation-related excise taxes. The largest share of the revenues comes from the federal tax on gasoline, including gasoline that is blended with ethanol. Revenues from those taxes are credited to the Highway Trust Fund, and most of the spending for those programs is attributable to...
Estimated Budgetary Impact of Bills to Prevent the Scheduled Increase in Interest Rates on New Federal Student Loans
April 27, 2012Under current law, starting on July 1, the interest rate on new subsidized student loans will rise from the 3.4 percent in effect this year to 6.8 percent. During the past few days, CBO has released cost estimates for House and Senate bills that would delay that increase for one year.
CBO’s estimates for the proposed legislation can be found here:
- ...
CBO Testified on Federal Support for State and Local Governments Provided Through the Tax Code
April 26, 2012Yesterday Frank Sammartino, CBO’s Assistant Director for Tax Analysis, testified before the Senate Finance Committee on federal support for state and local governments provided through the tax code and on some ways in which tax reform might affect that support.
The testimony focused on two particular aspects of current policy:...
CBO Releases Its Analysis of the Economic Impact of the President’s 2013 Budget
April 20, 2012Today CBO released the second part of its analysis of the President’s 2013 budget—the proposals’ potential effects on the economy and, in turn, the impact of those economic effects on the budget. Last month, CBO released the first part of its analysis—the proposals’ budgetary impact without considering...
An Overview of the Supplemental Nutrition Assistance Program
April 19, 2012In fiscal year 2011, federal expenditures for the Supplemental Nutrition Assistance Program (SNAP, formerly known as Food Stamps)—$78 billion—and participation in the program were the highest they have ever been. In an average month that year, about one in seven U.S. residents received SNAP benefits.
In a report issued today, CBO...
New Infographics About the Federal Budget
April 17, 2012How much did the federal government collect in individual income taxes in fiscal year 2011? How much did it spend on health care programs or on defense? To provide ready answers to those questions, CBO has prepared three infographics examining the following components of the federal budget:
- Federal revenues,
- ...
Federal Budget Deficit Totals $780 Billion in the First Half of 2012
April 6, 2012The federal government incurred a budget deficit of almost $780 billion in the first half of fiscal year 2012, CBO estimates in its latest—Monthly Budget Review—$53 billion less than the shortfall during the same period last year. A few weeks ago, CBO issued new...