CBO projects that, if the debt limit remained unchanged and if the Treasury transferred $118 billion to the Highway Trust Fund on December 15, as currently planned, the Treasury would most likely run out of cash before the end of December.
November 2021
CBO releases slides about policies in the Build Back Better Act: expanding subsidized child care and providing universal preschool; offering family and medical leave; expanding certain services in Medicaid; and redesigning Medicare Part D.
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CBO will publish a complete cost estimate for H.R. 5376, the Build Back Better Act, this afternoon. CBO has published 11 estimates for individual titles of the bill and will publish estimates for the remaining two titles this afternoon.
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CBO anticipates publishing a complete cost estimate for H.R. 5376, the Build Back Better Act (Rules Committee Print 117-18 incorporating a manager’s amendment by Congressman Yarmuth), by the end of the day on Friday, November 19.
This report presents CBO’s budget projections for 2022 to 2031 in the framework of the national income and product accounts, which differ in certain ways from revenues and outlays as shown in the federal budget.
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CBO will release estimates for individual titles of the bill as we complete them. CBO is aiming to release an estimate for the entire bill as soon as practicable, but the exact timing is uncertain.
In fiscal year 2021, the federal deficit totaled nearly $2.8 trillion—about $360 billion less than in 2020, but nearly triple the shortfall in 2019. That deficit was equal to 12.4% of GDP, down from 15.0% in 2020, but up from 4.7% in 2019.