CBO’s Director, Phillip Swagel, testifies before the House Appropriations Committee’s Subcommittee on the Legislative Branch.
CBO Blog
CBO's Director, Phillip Swagel, discusses his most recent and upcoming presentations about the agency's long-term budget projections, demographic projections, and the overall fiscal outlook.
The federal budget deficit totaled $1.1 trillion in the first half of fiscal year 2024, CBO estimates—$37 billion less than the deficit recorded during the same period last fiscal year.
As required by law, CBO reports on whether appropriations enacted for the current fiscal year have exceeded the statutory caps on discretionary funding. In CBO’s estimation, they have not, and a sequestration will not be required for 2024.
CBO estimates that the effects on mandatory spending and revenues of laws enacted in 2023 will reduce the deficit by $10 billion from 2023 to 2033—the net result of a $12 billion decrease in outlays and a $2 billion decrease in revenues.
CBO requests appropriations of $73.5 million for fiscal year 2025—$3.5 million (or 5 percent) more than it received for 2024. The request is based on strong interest in CBO’s work from the Congressional leadership, committees, and Members.
The federal budget deficit increases significantly in relation to gross domestic product over the next 30 years, in CBO’s projections, pushing federal debt held by the public far beyond any previously recorded level.
CBO will publish "The Long-Term Budget Outlook: 2024 to 2054" on March 20 at 2 p.m. The report will provide projections of federal spending, revenues, deficits, and debt for the next 30 years.
The federal budget deficit totaled $830 billion in the first five months of fiscal year 2024, CBO estimates. That amount is $108 billion more than the deficit recorded during the same period last fiscal year.
CBO describes the role of Federal Home Loan Banks (a government-sponsored enterprise) in financial markets, their financial condition, the value of the federal subsidies they receive, and the risks they pose.