February 2024

CBO describes how funding for the IRS affects CBO’s revenue projections and how CBO estimates the revenue effects of rescissions of such funding. CBO also estimates the budgetary effects of rescinding varying amounts of the IRS’s funding.

CBO provides an overview of greenhouse gas emissions in the manufacturing sector, presents projections of future emissions, and explains how uncertainty about economic conditions, fuel prices, and technology affects those projections.

CBO's Director, Phillip Swagel, discusses his most recent and upcoming presentations about the projections in CBO’s report, "The Budget and Economic Outlook: 2024 to 2034."

CBO’s Director, Phillip Swagel, testifies before the House Budget Committee.

CBO’s Director, Phillip Swagel, discusses the current budget and economic outlook.

In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.