CBO estimates in its latest Monthly Budget Review that the Treasury Department will report a deficit of $1.17 trillion for the first 11 months of fiscal year 2012, almost $70 billion less than the deficit at the same point last year. Through the end of August, revenues in fiscal year 2012 were about 6 percent higher and outlays about 2 percent higher than they were through August of last year.
CBO Blog
As required by law, CBO prepares regular reports on its estimate of the number of jobs created by the American Recovery and Reinvestment Act of 2009, which was enacted in response to significant weakness in the economy.
Today CBO released An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022. The report, issued annually in the late summer, contains the agency’s updated economic and budget projections spanning the period from 2012 through 2022. CBO also published an infographic about the fiscal tightening scheduled to occur in 2013 and its economic consequences.
Key aspects of our projections are illustrated in the figures below.
CBO has analyzed a proposal—in a report requested by the Chairman of the House Budget Committee—to immediately open most federal lands to oil and gas leasing.
CBO estimates in its latest Monthly Budget Review that the Treasury Department will report a deficit of $975 billion for the first 10 months of fiscal year 2012, $125 billion less than the $1.1 trillion deficit incurred through July 2011. Through the end of July, revenues were about 6 percent higher this year than at the same point last year; outlays were about the same in both years.
The Congressional Budget Office will release The Budget and Economic Outlook: An Update on Wednesday, August 22. That report, which CBO issues annually in the late summer, will contain the agency’s updated economic and budget projections spanning the period from 2012 through 2022. It will be available on CBO’s website at 10:00 a.m. (Details about arrangements for the press may be found on the press page.)
As I mentioned yesterday, CBO’s work benefits greatly from many outside experts. In addition to CBO’s Panel of Economic Advisers (whose members are listed in my previous post), we also rely on CBO’s Panel of Health Advisers to provide expertise on a variety of health care issues. Below is a list of current panel members:
Henry Aaron, Ph.D.
Senior Fellow, Economic Studies
The Bruce and Virginia MacLaury Chair
Brookings InstitutionCBO learns from many outside experts. Part of that learning comes through our panels of advisers, a Panel of Economic Advisers and a Panel of Health Advisers, which consist of widely recognized specialists on a range of issues. Those groups—whose membership includes previous CBO directors, other distinguished economists, and acknowledged experts in health care—meet to discuss important analytical issues in their areas of expertise and to advise the agency on its analyses.
Congress requires the Navy to issue an annual report that describes its plan for building new ships over the next 30 years. CBO has prepared a report—required under the National Defense Authorization Act for Fiscal Year 2012—analyzing the Navy’s latest long-term shipbuilding plan, which covers fiscal years 2013 to 2042.
On June 28, 2012, the Supreme Court issued a decision that essentially made the expansion of the Medicaid program under the Affordable Care Act (ACA) a state option rather than what appeared to be mandatory for states that wanted to continue receiving federal matching funds for any part of their Medicaid program.
CBO and the staff of the Joint Committee on Taxation (JCT) have prepared two analyses that take into account that decision: