Congressional Budget Office

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Economy

CBO regularly assesses the state of the economy and the impact on the economy of proposed changes in federal spending and taxes. Analysts prepare economic projections that underlie CBO’s projections for the federal budget and cost estimates for proposed legislation; study major aspects of the economy such as trends in productivity and long-term unemployment; and examine the economic impact of changes in the nation’s tax system or reforms to federal programs.

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  • Analysis of the President's Budget
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CBO Testified on Policies to Promote Economic Growth and Employment in 2012 and 2013

blog post

November 15, 2011


monthly archive

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Presentation at APPAM's Annual Fall Research Conference

blog post

November 3, 2011


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The Portion of the Deficit Due to Cyclical Weakness

report

October 4, 2011

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Abstract

In a September 27, 2011, letter, the Honorable Chris Van Hollen requested an estimate of the portion of the federal deficit that is due to the current underutilization of capital and labor resources in the economy. The Congressional Budget Office (CBO) estimates that if those resources were not underutilized—that is, if the economy was operating at its potential level—the projected federal deficit under current law in fiscal year 2012 would be about a third lower, or roughly $630 billion instead of the $973 billion projected in CBO’s most recent baseline. That deficit would be equal to about 4.0 percent of gross domestic product (GDP), compared with the 6.2 percent deficit projected for 2012 in CBO’s baseline. If the economy was operating at its potential, the deficit would be lower because incomes and, therefore, revenues would be higher, while the rate of unemployment and, therefore, outlays for certain government programs would be lower.


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H.R. 192, Gulf of the Farallones and Cordell Bank National Marine Sanctuaries Boundary Modification and Protection Act

cost estimate

September 2, 2011

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S. 1458, Intelligence Authorization Act for Fiscal Year 2012

cost estimate

September 6, 2011

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More from CBO’s Update of the Budget and Economic Outlook: Impact of Fiscal Policy on Economic Growth in the Next Few Years

blog post

September 1, 2011


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More from CBO’s Update of the Budget and Economic Outlook: Persistent Effects of the Recent Recession on Potential Output

blog post

September 2, 2011


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Testimony Before the Joint Select Committee on Deficit Reduction

blog post

September 13, 2011


monthly archive

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Presentation at the Macroeconomic Advisers’ Washington Policy Conference

blog post

September 15, 2011


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The Medium-Term Budget Outlook and Policy Options

presentation

September 14, 2011

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