This afternoon I briefed the press about the Congressional Budget Office’s new report, The Budget and Economic Outlook: 2020 to 2030. It shows deficits that are slightly larger over the next 10 years and notably larger over the next 30 years than those that CBO previously projected.
In CBO’s projections of the outlook under current law, deficits remain large by historical standards, federal debt grows to 98 percent of GDP by 2030, and the economy expands at an average annual rate of 1.7 percent from 2021 to 2030.
CBO examines the tax benefit of having dependents under current law in 2019 and 2026 and analyzes how three policy options that would simplify dependent-related tax provisions would affect that benefit.
CBO assesses whether public-private partnerships have resulted in projects being built more quickly or at a lower cost for taxpayers. CBO also examines whether partnerships that include private financing sped up project financing.
Each quarter, CBO provides information about its work in progress. As of January 8, the agency was working on 184 cost estimates for bills in addition to 33 analytic reports and working papers.
Summarizing three reports about the aviation fleets of the U.S. Air Force, Army, and the Department of the Navy, CBO projects the number and costs of aircraft the Department of Defense would need to procure to maintain the fleets’ current size through 2050.
CBO will release its annual Budget and Economic Outlook at 2:00 p.m. ET on Tuesday, January 28. The report will include updated economic and budget projections spanning the period from 2020 to 2030.
This report examines military compensation and its effects on recruitment, retention, and motivation. CBO also provides a comparison with civilian compensation packages and examines five possible approaches for altering the way that DoD compensates military personnel.
As required, CBO reports on whether appropriations enacted for the current fiscal year have exceeded the statutory caps on discretionary funding. In CBO’s estimation, they have not, and a sequestration will not be required for 2020.
Immigration increases total economic output, though not necessarily output per capita. It also affects the federal budget through the taxes that foreign-born people pay and the government programs in which they participate.