CBO and the staff of the Joint Committee on Taxation (JCT) project that, between 2017 and 2026, the President’s budget would result in deficits averaging 3 percent of GDP and totaling $6.9 trillion, $2.4 trillion less than CBO’s baseline.
March 2016
We are excited to announce the launch of a new page on our website featuring CBO’s baseline projections for selected programs. The goal of the new page is to provide a one-stop shop for CBO’s baseline tables for selected programs.
CBO and the staff of the JCT project that the federal subsidies, taxes, and penalties associated with health insurance coverage for people under age 65 will result in a net subsidy from the federal government of $660 billion in 2016.
CBO projects a $534 billion deficit in fiscal year 2016, about $100 billion more than in 2015. If current laws generally remained unchanged, the deficit would increase from 2.9 percent to 4.9 percent of GDP over the next decade.
CBO Director Keith Hall provided a statement on CBO’s appropriation request for fiscal year 2017 to the Subcommittee on the Legislative Branch, Committee on Appropriations, U.S. House of Representatives.
Most activities financed by the Troubled Asset Relief Program (TARP) have now been completed; only mortgage programs remain active. All told, CBO estimates that the net cost of the TARP over its lifetime will total $30 billion.
The Chairman of the House Budget Committee has announced that the committee will be considering a proposed budget resolution soon. What are budget resolutions, and what is CBO's role in this process?
Under budgetary paths (not particular policies) specified by Chairman Price, the budget would show a surplus in 2026. In comparison with CBO's extended baseline, economic output would be lower in the next few years but higher after 2020.
CBO plans to release its updated 10-year baseline projections and its updated estimates of the budgetary effects of the insurance coverage provisions of the Affordable Care Act on March 24.
CBO Director Keith Hall testified on CBO’s appropriation request for fiscal year 2017 before the Subcommittee on the Legislative Branch, Committee on Appropriations, United States Senate.