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.
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The federal government ran a budget deficit of $301 billion for the first seven months of fiscal year 2014, CBO estimates—$187 billion less than the shortfall recorded in the same span last year.
With its current revenue sources, the Highway Trust Fund cannot support spending at the current rate. The fund’s projected shortfalls have generated increased interest in borrowing by state and local governments to finance highway projects.
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Check out CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2013 and other information about the government’s budget and debt.
CBO estimates that, all told, the TARP’s transactions will cost the federal government $27 billion. That estimate accounts for the realized costs of completed transactions and the estimated costs of outstanding and anticipated transactions.
Enacting the President’s proposals would, CBO and JCT estimate, result in deficits totaling $6.6 trillion between 2015 and 2024, $1.0 trillion less than the cumulative deficit in CBO’s current-law baseline.
CBO and JCT have lowered their estimates of the net federal cost of the ACA’s insurance coverage provisions—to $1.4 trillion over the next decade, about $100 billion less than estimated in February.
The deficit will decrease to $492 billion in 2014, CBO projects. But under current law, deficits will begin rising again in 2016—and by 2024, debt will reach 78 percent of GDP, twice the average of the past 40 years.
CBO To Release Updated Baseline Projections and Analysis of the President’s FY 2015 Budget Next Week
CBO plans to release its updated 10-year baseline projections of federal spending, revenues, and budget deficits on Monday, April 14.