Over recent decades, corporate economic profits have grown faster than the amounts that corporations pay in federal taxes. CBO examined the factors that explain why corporate tax payments have not grown with corporate economic profits.
CBO Blog
The federal budget deficit was $928 billion in the first seven months of fiscal year 2023, CBO estimates—$568 billion more than the shortfall recorded during the same period last year.
Because tax receipts through April have been less than CBO anticipated in February, the agency now estimates that there is a significantly greater risk that the Treasury will run out of funds in early June if the debt ceiling is unchanged.
To show how variations in economic conditions might affect its budget projections, CBO analyzed how revenues, outlays, and deficits might change if the values of key economic variables differed from those in the agency’s forecast.
CBO describes features of the Medicare and Medicaid improvement funds and how the funds are accounted for in CBO’s baseline and cost estimates.
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire.
In this report, CBO uses various measures to assess the quality of its past projections of federal outlays. The analysis focuses on three fiscal years within each projection period: the budget year, the 6th year, and the 11th year.
CBO will release a report updating its 10-year budget baseline on May 12, and an analysis of the President’s 2024 discretionary proposals on May 18. Also in May, CBO will release an updated report on federal debt and the statutory limit.
Lawmakers created the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. The TARP’s net cost will be $31 billion, CBO estimates—about the same as what the agency last reported in May 2022 and similar to OMB’s latest estimate.
CBO is engaged in many efforts aimed at fostering transparency, such as providing additional information to help people understand the federal budget process and the agency’s role in that process. Today, CBO is publishing two updated budget primers (first released in 2018) as part of those efforts: