October 2019

  • CBO estimates that the Navy’s plan to modernize and operate its sealift ships over the next 30 years would cost roughly $39 billion. In this report, CBO explores four alternatives that would vary in cost from $34 billion to $40 billion.

  • CBO’s economic forecasts have been comparable in quality to those of the Administration and the Blue Chip consensus. Large errors in CBO’s forecasts tend to reflect challenges faced by all forecasters.

  • In a presentation before the Treasury Borrowing Advisory Committee, CBO Director Phillip Swagel spoke about CBO’s latest 10-year budget and economic projections.

  • CBO examines choices lawmakers would face in establishing a federal tax on the miles traveled by commercial trucks—including choices about the tax base, rate structure, and implementation methods—and illustrates how such a tax might affect the federal budget.

  • Each quarter, CBO provides information about its work in progress. As of October 4, the agency was working on 140 cost estimates for bills in addition to 32 analytic reports and working papers.

  • CBO estimates that the total shipbuilding budget would average $31 billion per year, one-third more than the Navy estimates. The plan would require an increase of more than 50 percent compared with recent shipbuilding budgets.

  • The federal budget deficit was $984 billion in fiscal year 2019, CBO estimates. CBO’s estimate is based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2019 later this month.