July 2020

  • Each quarter, CBO provides information about its work in progress. As of July 6, the agency was working on 96 cost estimates for legislation in addition to 29 analytic products.

  • The federal budget deficit was $2.7 trillion in the first nine months of fiscal year 2020, CBO estimates, $2.0 trillion more than the deficit recorded during the same period last year.

  • CBO examines the IRS’s enforcement activities between 2010 and 2018 and analyzes how the decline in those activities reflects the decline in its funding and staff over that period. CBO also estimates how changes to the IRS’s budget could affect federal revenues.

  • CBO projects that from 2020 to 2030, annual real GDP will be 3.4 percent lower, on average, than it projected in January. The annual unemployment rate, which was projected to average 4.2 percent, is now projected to average 6.1 percent.