December 2023

  • To enhance its work for the Congress, CBO is looking for new research that examines how changes in pharmaceutical companies’ expected future profits affect the development of new drugs and health outcomes.

  • CBO provides details about the agency's most recent projections of the economy through 2025, which reflect economic developments as of December 5, 2023.

  • In its May 2022 projections for fiscal year 2023, CBO overestimated revenues by 11 percent and underestimated outlays by 9 percent. CBO’s projection of the federal deficit for 2023 was less than the actual amount by 3.9 percent of GDP.

  • CBO compared the earnings, personal income, and household income of working-age male veterans who received disability payments from the Department of Veterans Affairs with those of veterans who did not receive such payments.

  • CBO examines the status, federal support, and future potential of carbon capture and storage—a process that removes carbon dioxide from the emissions of power plants and industrial facilities and stores it permanently underground.

  • The federal budget deficit totaled $383 billion in October and November 2023, the first two months of fiscal year 2024, CBO estimates. That amount is $47 billion more than the deficit recorded during the same period last fiscal year.

  • To assess the full costs of federal loans and loan guarantees, CBO has developed a method for estimating the present value of the lifetime administrative costs of certain federal credit programs.