YesterdayI testified before the Senate Budget Committeeabout CBO's recent health volumes,Key Issues in Analyzing Major Health Insurance Proposals and Budget Options Volume 1: Health Care.
CBO Blog
This evening, CBO released its Monthly Budget Review, reflecting an analysis of budget data through the end of January. CBO estimates that the Treasury Department will report a deficit of $563 billion for the first four months of fiscal year 2009, $474 billion higher than the deficit incurred through January 2008. This years deficit to date includes estimated outlays of $284 billion for the Troubled Asset Relief Program (TARP).
Ina letter sent today to Senators Grassley and Gregg, CBO analyzed the macroeconomic effects ofan initial Senateversion of thestimulus legislation (the Inouye-Baucus amendment in the nature of a substitute to H.R.1, which is the House stimulus bill). CBO estimates that the Senate legislation would raise outputby between 1.4 percent and 4.1 percent by the fourth quarter of 2009; by between 1.2 percent and 3.6 percent by the fourth quarter of 2010; and by between 0.4percent and 1.2 percent by the fourth quarter of 2011.
Today CBO released a cost estimatefora proposed Senate substitute amendment to H.R. 1, the American Recovery and Reinvestment Act of 2009,introduced by Senators Inouye and Baucus on January 31st.
CBO released an estimate of the budgetary impacts of H.R. 1, the American Recovery and Reinvestment Act of 2009, as amended and passed by the House of Representatives on January 28. Over the 2009-2019 period, CBO estimates that enacting H.R. 1 would increase budget deficits by about $820 billion.
After testifying yesterday at the House Budget Committee on the state of the economy and fiscal stimulus, this morning I testified before the Senate Budget Committee on another key aspect ofthe currenteconomic downturn--the ongoing crisis in thehousing and financial markets.
This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancial developments that have occurred since that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.
CBO has releaseda cost estimatefor H.R. 1, the American Recovery and Reinvestment Act of 2009, which was introduced today in the House of Representatives. A link to the full cost estimate can be found here.
Hello. I'm Doug Elmendorf, the new director of the Congressional Budget Office. I am honored to be appointed to this position and excited to be joining the talented and dedicated analysts here at CBO.
I want to begin by thanking Bob Sunshine, the deputy director of CBO, who has served as acting director since Peter Orszag resigned in November. Bob has earned the admiration and appreciation of everyone at CBO for his dedicated service over many years and his sure-handed leadership during the past two months.
CBO is required by law to report semiannually on OMB's assessment of expenditures under the Troubled Asset Relief Program (TARP). Today, CBO released the first of these reports. (For more on the TARP program, this blog post from October includes CBO's analysis of the financial rescue legislation).