The federal budget deficit was $1.4 trillion in fiscal year 2022, the Congressional Budget Office estimates—about half of last year’s deficit of $2.8 trillion. By CBO’s estimate, revenues were $850 billion (or 21 percent) higher and outlays were $548 billion (or 8 percent) lower than they were in fiscal year 2021.
CBO Blog
CBO’s Director, Phillip Swagel, discusses the agency's recent work.
In this report, the latest in a quarterly series, CBO highlights its recent work and summarizes its work in progress.
CBO explains why it uses an income and payroll tax offset when estimating the budgetary effects of changes in indirect taxes, how the rate of the offset is set, and how it is applied in cost estimates and in baseline projections of revenues.
CBO identified policy approaches that federal lawmakers could adopt to reduce the prices that commercial insurers pay for hospitals’ and physicians’ services, thereby lowering health insurance premiums and the cost of federal subsidies.
CBO describes the effects and evolution of the opioid crisis in the United States, the factors that have contributed to it, the laws enacted to address it, and the effects of the coronavirus pandemic on the crisis.
CBO examines changes in the distribution of family wealth from 1989 to 2019 and analyzes those changes in relation to several family characteristics. In addition, the agency examines how total family wealth has changed since 2019.
CBO examines how inflation has affected households at different income levels and compares inflation since 2019 with the growth in household income over the same period.
View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2021, as well as broader trends in the budget over the past few decades.
CBO responds to questions from Congressman Warren Davidson and other Members about CBO’s estimates of the costs of student loan programs and how they have changed since 2010.