CBO estimates the laws that were enacted in 2019 will add about $406 billion to the cumulative deficit from 2019 through 2029—the net result of a $422 billion reduction in revenues and a $16 billion reduction in outlays.
This report examines some of the challenges U.S. forces might face in a conflict in the Baltic region or the South China Sea and options for mitigating those challenges by procuring and fielding ground-launched long-range missiles.
The federal budget deficit was $388 billion for the first four months of fiscal year 2020, CBO estimates, $78 billion more than the deficit recorded during the same period last year.
CBO has reduced its projections of corporate income tax receipts for the 2020–2029 period by $127 billion (or about 4 percent). That change from the agency’s August 2019 projections arose from several sources.
To show how the federal budget might be affected if economic conditions differed from those in its current economic forecast, CBO has developed “rules of thumb” that provide a sense of how changes in four key economic variables would affect revenues, outlays, and deficits.
CBO reports annually to the Congress on programs whose authorizations of appropriations have already expired or will expire during the current fiscal year.