Julie Topoleski, CBO’s Director of Labor, Income Security, and Long-Term Analysis, testifies about CBO’s demographic projections before the Joint Economic Committee.
In 2020, the coronavirus pandemic and the ensuing federal response had significant effects on the distribution of household income. Income inequality before transfers and taxes increased, but inequality after transfers and taxes decreased.
CBO estimates the flood damage homes with federally backed mortgages are expected to face in multiyear periods centered on 2020 and 2050, reflecting the effects of climate change. The agency also analyzes where that damage is concentrated.
In fiscal year 2023, which ended on September 30, the federal budget deficit totaled nearly $1.7 trillion—an increase of $320 billion (or 23 percent) from the shortfall recorded in the previous year.
This spreadsheet provides the data that underlie CBO’s interactive force structure tool.
The enhanced tool lets users change the defense budget to see the possible effects on military forces, or add or subtract major units to see the effects on the budget, or explore a mix of those approaches. It includes a how-to-use tutorial.
Some federal policies involve short-term expenditures that result in economic and budgetary effects far in the future. CBO has been building analytic capacity to consider a dynamic framework for policies that would have long-term effects.