A carbon tax’s effect on the economy depends on how lawmakers would use revenues generated by the tax. The tax would help reduce U.S. emissions but would have only a modest effect on the Earth’s climate without a worldwide effort.
CBO Blog
Testimony before the Subcommittee on the Legislative Branch, Committee on Appropriations, United States Senate
Enactment of the President’s proposals would, CBO and the staff of the Joint Committee on Taxation estimate, result in deficits totaling $5.2 trillion between 2014 and 2023, $1.1 trillion less than the cumulative deficit in CBO’s baseline.
Following the release of CBO’s analysis of the President’s FY 2014 budget, in today’s blog post, Director Doug Elmendorf compares the President’s plan with Congressional budget plans.
A robust increase in revenues projected over the next few years will help shrink deficits through 2015. But deficits are projected to rise later in the decade, partly because of pressures of an aging population and rising health care costs.
This blog post describes in more detail CBO's revised expectations about sources of people’s insurance coverage and the net budgetary impact of those revisions, as reflected in CBO's May 2013 baseline projections.
What sorts of behavioral responses are included in CBO's estimates?
Following yesterday’s post about CBO’s Panel of Economic Advisers, the agency reports the current members of its Panel of Health Advisers. CBO’s work benefits greatly from the members’ expertise on a variety of health care issues.
About 40 million foreign-born people now live in the United States, accounting for about 13 percent of the total population.
CBO learns from many outside experts. Part of that learning comes through its Panel of Economic Advisers, which consists of distinguished economists with diverse areas of expertise. Today CBO announces the current members of that panel.