CBO is required to provide the Congress an annual report on spending, revenues, and deficits with subsequent revisions to that report. Here, CBO provides answers to questions about how it prepares its baseline projections for the budget.
CBO projects that if the debt limit is not raised, the Treasury will not be able borrow additional funds using extraordinary measures, and could run out of cash, in the first half of March 2018.
On January 30, 2018, Director Keith Hall testified before the House Budget Committee on CBO’s work in 2017 and the agency’s plans for the future.
CBO has been asked to produce a report that includes budget projections and an economic forecast that reflect the tax legislation and any major decisions about spending that the Congress makes in the next few weeks.
On January 24, 2018, Director Keith Hall testified before the Senate Budget Committee on CBO’s work in 2017 and the agency’s plans for the future.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues in support of the Congress. In 2017, CBO completed 740 formal cost estimates, 86 analytic reports and working papers, and many other products.
CBO reports annually to the Congress on programs funded for the current fiscal year whose authorizations of appropriations have expired and on programs whose authorizations of appropriations will expire during the current fiscal year.