CBO’s Director, Phillip Swagel, discusses the agency’s budget and economic analysis during the pandemic.
CBO Blog
The federal budget deficit was $2.8 trillion in fiscal year 2021, CBO estimates—$362 billion less than the deficit recorded in fiscal year 2020.
CBO examined three broad options for reconfiguring the military if funding for the Department of Defense was reduced by $1 trillion (in 2022 dollars), or 14 percent, over the next 10 years.
In this report, the latest in a quarterly series, CBO highlights its recent work and summarizes its work in progress.
CBO estimates the costs of federal credit programs in two ways—following procedures prescribed by the Federal Credit Reform Act (FCRA) and using a fair-value approach, which measures the market value of the government’s obligations.
CBO projects that, if the debt limit remains unchanged, the Treasury’s ability to borrow using extraordinary measures will be exhausted, and it will most likely run out of cash near the end of October or the beginning of November.
CBO estimates that the Navy’s total shipbuilding budget would average between $25 billion and $33 billion (in 2021 dollars) per year through 2052 to build a force of between 398 and 512 manned ships and unmanned vessels.
CBO describes VA’s mortgage guarantee program, provides estimates of the budgetary costs of the program, and compares those costs with expenditures for other federal guarantees.
The federal budget deficit was $2.7 trillion in the first 11 months of fiscal year 2021, CBO estimates—$295 billion less than the deficit during the same period last year.
CBO examines the implications of adjusting military basic pay with an alternative wage index and adjusting all components of regular cash pay with the employment cost index.