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CBO to Release 2012 Long-Term Budget Outlook Next Week
May 30, 2012
CBO plans to release its 2012 Long-Term Budget Outlook on Tuesday, June 5. The report will be available on CBO's website at 10 a.m. EDT. The 2011 report is available here.

These annual projections incorporate long-term demographic trends and the long-term impact of rising health care costs.
CBO Releases Latest Quarterly Report on ARRA’s Effect on Output and Employment
May 25, 2012
As required by law, CBO prepares regular reports on its estimate of the number of jobs created by the American Recovery and Reinvestment Act of 2009 (ARRA), which was enacted in response to significant weakness in the economy. In its latest report issued this afternoon, CBO provides estimates of ARRA’s impact on employment and...
CBO Analyzes Effects of Fiscal Restraint Scheduled Under Current Law
May 22, 2012
Policymakers face difficult trade-offs in deciding how quickly to implement policies to reduce budget deficits. On the one hand, cutting spending or increasing taxes slowly would lead to a greater accumulation of government debt; on the other hand, immediate spending cuts or tax increases would represent an added drag on the weak economic expansion. Under current law,...
CBO Publishes Report and Infographic on Energy Security in the United States
May 9, 2012
Energy 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, 2012
The 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, 2012
On 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, 2012
Federal 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, 2012
Under 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, 2012
Yesterday 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, 2012
Today 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...

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