CBO provides budgetary and economic information in a variety of ways and at various points in the legislative process. All of CBO’s products apart from informal cost estimates for legislation being developed privately by Members of Congress or their staffs are available to the Congress and the public on CBO’s website.
Baseline Budget Projections and Economic Forecasts
CBO’s reports on the economic and budget outlook cover the 10-year period used in the Congressional budget process. Those reports present and explain CBO’s baseline budget projections and economic forecast, which are generally based on current law regarding federal spending and revenues. The reports also describe the differences between the current projections and previous ones; compare the economic forecast with those of other forecasters; and show the budgetary impact of some alternative policy assumptions.
- Produced: Several times annually. The budget projections and economic forecast are generally issued each January and updated in August. In addition, the budget projections are updated in March.
- Vist our budget and economic outlook page, or our pages on budget projections and economic projections.
Analysis of the President’s Budget
CBO estimates the budgetary impact of the proposals in the President’s budget using the agency’s own economic forecast and estimating assumptions. CBO’s independent “reestimate” of the President’s budget allows the Congress to compare the Administration’s spending and revenue proposals with CBO’s baseline spending and revenue projections and with other proposals using a consistent set of economic and technical assumptions.
- Produced: Annually. The budgetary analysis is generally issued in March, followed in April by an analysis of the impact of the President’s budgetary proposals on the economy and, in turn, indirectly on the federal budget.
- Visit our analysis of the president’s budget page.
Periodically, CBO produces reference volumes examining options for reducing budget deficits. The volumes include a wide range of options, derived from many sources, for reducing spending and increasing revenues. For each option, the volumes present an estimate of its effects on the budget and a discussion of its pros and cons but makes no recommendations. In addition, CBO produces numerous reports (discussed below) that examine policy options for specific federal programs and aspects of the tax code.
- Produced: Generally in odd-numbered years, to correspond to the beginning of each new Congress.
- Visit our budget options page.
Long-Term Budget Projections
CBO provides the Congress with budget projections that go beyond the standard 10-year budget window. Those projections typically span 25 years but can extend as far as 75 years into the future. The projections show the impact of long-term demographic trends and rising health care costs on federal spending, revenues, and deficits. CBO also projects the economic impact of alternative long-term budget policies.
- Produced: Annually, usually in June.
- Visit our long-term budget projections page.
CBO provides formal, written estimates of the cost of virtually every bill “reported” (approved) by Congressional committees to show how the bill would affect spending or revenues over the next 5 or 10 years, depending on the type of spending involved. Each cost estimate includes a section describing the basis for the estimate. For most tax legislation, CBO uses estimates provided by the staff of the Joint Committee on Taxation, a separate group that works closely with the Congressional tax-writing committees. In addition to formal, written estimates, CBO provides a far greater number of preliminary, informal estimates as committees are considering what legislation to advance, as amendments to legislation are being debated, and at other stages in the legislative process.
- Produced: Throughout the year, with formal estimates typically numbering between 500 and 700 annually.
- View our most recent cost estimates.
- View our frequently asked questions about cost estimates.
In addition to the reports discussed above, CBO prepares analytic reports that examine specific federal programs, aspects of the tax code, and budgetary and economic challenges. The reports cover many areas of federal policy, including health care, economic growth, income security, education, taxes, energy, the environment, national security, financial issues, infrastructure, and more. Most CBO reports present a set of options for changes in the federal programs or tax rules being examined. Such reports generally include estimates of each option’s budgetary effects, economic effects, or both, as well as a discussion of each option’s pros and cons. As with the agency’s other products, these reports make no recommendations. Some CBO reports provide background information about CBO’s other analyses to enhance the transparency of the agency’s work.
Most CBO reports are written at the request of the Chairman or Ranking Minority Member of a committee or subcommittee or of the leadership of either party in the House or Senate. The agency may also present its analyses as testimony before Congressional committees rather than in report format. In addition, CBO managers and analysts sometimes make presentations to professional groups, and slides from those presentations are generally posted on CBO’s website. The agency also sometimes summarizes its analyses in less traditional formats (such as infographics), and those summaries are also available on CBO’s website.
- Produced: Throughout the year.
- View our most recent reports.
Analysis of Federal Mandates
CBO analyzes the costs that proposed legislation would impose on state, local, and tribal governments and on the private sector. CBO produces mandate statements with its cost estimates for each committee-approved bill.
- Produced: Throughout the year. In addition, CBO produces a report each spring listing all of its work analyzing mandates in the previous year.
- Visit our state and local governments page, or our cost estimates page.
Monthly Budget Review
CBO issues a monthly analysis of federal spending and revenue totals for the previous month, the current month, and the fiscal year to date. Those analyses help to inform the Congress and the public about the monthly status of the budget.
- Produced: The fifth working day of each month.
- Visit our monthly budget review page.
Scorekeeping for Enacted Legislation
CBO provides the budget and appropriations committees with frequent tabulations of Congressional action affecting spending and revenues. Those scorekeeping reports provide information about whether legislative actions are consistent with the spending and revenue levels set by the budget resolution.
- Produced: Periodically during the year.
- Visit our appropriations page.
Compilations of Unauthorized Appropriations and Expiring Authorizations
CBO prepares a report listing all programs and activities funded for the current fiscal year for which authorizations of appropriations have expired or will expire during the current fiscal year.
- Produced: Annually, in January.
- Visit our unauthorized appropriations and expiring authorizations page.
Reports on the Troubled Asset Relief Program
The Congress established the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. Twice each year, the Administration’s Office of Management and Budget (OMB) reports on the costs of the program, and as required by law, CBO then assesses each OMB report.
- Produced: Within 45 days of the TARP report produced by OMB; annually starting in 2013 and twice per year in previous years.
- Visit our finance page.
Reports on the American Recovery and Reinvestment Act
The American Recovery and Reinvestment Act of 2009 (ARRA) requires CBO to comment on reports filed by recipients of ARRA funding that detail the number of jobs funded through their activities. CBO’s estimates, which the agency considers to be more comprehensive than the recipients’ reports, are based on evidence from similar policies enacted in the past and on the results of various economic models.
- Produced: Annually starting in 2013 and quarterly in previous years.
- Visit our economic effects of fiscal policy page.
Under the Balanced Budget and Emergency Deficit Control Act of 1985, as amended by the Budget Control Act of 2011, CBO is required to issue reports that provide estimates of certain limits on discretionary budget authority (that is, the authority provided by appropriation acts for the government to incur financial obligations). Separately, on the basis of its own estimates, OMB will determine whether a sequestration (cancellation of budgetary resources) is required under those laws and, if so, the allocation of the cancellation of resources.
- Produced: Twice a year.
- Visit our sequestration reports page.
CBO’s working papers include papers that provide technical descriptions of official CBO analyses and papers that represent independent research by CBO analysts. Through those papers, CBO aims to enhance the transparency of its work and to encourage external review of that work. Working papers are not subject to CBO’s regular review and editing process.
- Produced: Throughout the year.
- View our working papers.
Data and Technical Information
To provide more detail about CBO’s budgetary and economic projections and to add to the transparency of CBO’s other analyses, the agency posts a considerable amount of data and other technical information on its website.
- Produced: Throughout the year.
- View our data and technical information.
- General Information