The federal budget deficit was $2.8 trillion in the first ten months of fiscal year 2020, CBO estimates, $1.9 trillion more than the deficit recorded during the same period last year.
Each quarter, CBO provides information about its work in progress. As of July 6, the agency was working on 96 cost estimates for legislation in addition to 29 analytic products.
The federal budget deficit was $2.7 trillion in the first nine months of fiscal year 2020, CBO estimates, $2.0 trillion more than the deficit recorded during the same period last year.
CBO examines the IRS’s enforcement activities between 2010 and 2018 and analyzes how the decline in those activities reflects the decline in its funding and staff over that period. CBO also estimates how changes to the IRS’s budget could affect federal revenues.
CBO projects that from 2020 to 2030, annual real GDP will be 3.4 percent lower, on average, than it projected in January. The annual unemployment rate, which was projected to average 4.2 percent, is now projected to average 6.1 percent.
The report will provide CBO’s first complete set of 10-year economic projections since January. It will update the interim projections that the agency published in May, which focused on 2020 and 2021.
CBO examines four laws enacted in response to the 2020 coronavirus pandemic and summarizes their effects on federal spending, revenues, and the deficit. CBO also provides details about the laws’ effects on discretionary spending, mandatory spending, revenues, and mandates.
Preventive medical care includes services that can prevent diseases from occurring and detect diseases before symptoms appear. This report describes how CBO estimates the effects on the federal budget of proposals to expand the use of such services.
The federal budget deficit was about $1.9 trillion in the first eight months of fiscal year 2020, CBO estimates, $1.2 trillion more than the deficit recorded during the same period last year.
Today marks my one-year anniversary as the Director of the Congressional Budget Office. It is a particularly proud moment for me, and I would like to reflect on CBO’s accomplishments over the past 12 months and its ongoing commitment to supporting the Congress.