CBO projects that if the debt limit is not raised, the Treasury will not be able borrow additional funds using extraordinary measures, and could run out of cash, in the first half of March 2018.
Because people who do not work with CBO regularly are sometimes unfamiliar with its role and operations, Director Hall highlighted some key points about the agency during his testimony before the House Budget Committee.
On January 30, 2018, Director Keith Hall testified before the House Budget Committee on CBO’s work in 2017 and the agency’s plans for the future.
What roles do cash and accrual measures play in the federal budget process? This report discusses the relative merits of those measures and explores the implications of expanding the use of accrual measures for decisionmaking purposes.
CBO has been asked to produce a report that includes budget projections and an economic forecast that reflect the tax legislation and any major decisions about spending that the Congress makes in the next few weeks.
On January 24, 2018, Director Keith Hall testified before the Senate Budget Committee on CBO’s work in 2017 and the agency’s plans for the future.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues in support of the Congress. In 2017, CBO completed 740 formal cost estimates, 86 analytic reports and working papers, and many other products.
CBO reports annually to the Congress on programs funded for the current fiscal year whose authorizations of appropriations have expired and on programs whose authorizations will expire during the current fiscal year.
The federal budget deficit was $228 billion in the first quarter of fiscal year 2018, CBO estimates—$18 billion more than the one recorded during the same period last year.