CBO will release Options for Reducing the Deficit: 2017 to 2026, the latest edition in the agency’s periodic volume of budget options, on Thursday, December 8 at 2:00 p.m.
Canceling scheduled changes to overtime regulations before enactment would lower employers’ payroll and compliance costs and increase profits. The cancellation would also lower employees’ pay but increase real family income, CBO finds.
In fiscal year 2016, which ended on September 30, the federal budget deficit totaled $587 billion—$148 billion more than the shortfall recorded in 2015. Measured as a share of the nation’s gross domestic product, the deficit increased to 3.2 percent in 2016, up from 2.5 percent in 2015.