Taxes
- Blog Post
CBO to Release Updated Baseline Budget Projections on May 12
CBO will release a report updating its 10-year budget baseline on May 12, and an analysis of the President’s 2024 discretionary proposals on May 18. Also in May, CBO will release an updated report on federal debt and the statutory limit.
- Report
CBO Explains How It Develops the Budget Baseline
The Congressional Budget Act of 1974 requires CBO to produce an annual report on federal spending, revenues, and deficits or surpluses. This document provides answers to questions about how CBO prepares those baseline budget projections.
- Blog Post
CBO Releases Updated Budget Primers and Interactive Tools
CBO is engaged in many efforts aimed at fostering transparency, such as providing additional information to help people understand the federal budget process and the agency’s role in that process.
- Report
The Foreign-Born Population, the U.S. Economy, and the Federal Budget
Immigration increases total economic output, although not necessarily output per person. It also affects the federal budget through the taxes that foreign-born people pay and the government programs in which they participate.
- Presentation
U.S. Macroeconomic & Fiscal Outlook
Presentation by Phillip Swagel, CBO’s Director, at the Annual Economic Policy Conference of the National Association for Business Economics.
- Blog Post
CBO Releases Infographics About the Federal Budget in Fiscal Year 2022
View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2022, as well as broader trends in the budget over the past few decades.
- Graphic
Discretionary Spending in Fiscal Year 2022: An Infographic
Discretionary outlays by the federal government totaled $1.7 trillion in 2022. Nondefense outlays were higher than those for defense activities partly because of spending for programs enacted in response to the coronavirus pandemic.
- Graphic
Mandatory Spending in Fiscal Year 2022: An Infographic
Mandatory outlays by the federal government totaled $4.1 trillion in 2022; nearly half was for Social Security and Medicare. The largest increases over the past 20 years have been for the major health care programs and student loans.
- Blog Post
Presentations
CBO Director Phillip Swagel discusses his recent and upcoming presentations on CBO’s latest budget and economic projections.
- Graphic
Revenues in Fiscal Year 2022: An Infographic
Revenues received by the federal government in 2022 totaled $4.9 trillion, of which more than half was receipts from individual income taxes, which were the highest ever as a percentage of gross domestic product.