CBO analyzed the effects on the budget and the economy of eight scenarios that differ from those underlying the agency’s extended baseline—six that vary economic conditions and two that vary budgetary conditions.
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CBO focused on households’ consumption of a bundle of typical goods and services from 2019 to compare purchasing power in 2019 with that in 2023. On average, purchasing power increased, but the effects of inflation varied by income group.
CBO’s Director, Phillip Swagel, testifies before the Senate Appropriations Committee’s Subcommittee on the Legislative Branch.
CBO provides information about how its most recent budget projections would change under different assumptions about future legislated policies.
The federal budget deficit was $857 billion in the first seven months of fiscal year 2024, CBO estimates—$68 billion less than the deficit recorded during the same period last fiscal year.
CBO describes economic outcomes of veterans who are Black, male, and working age and whose service began during or after 1990. CBO compares the outcomes of that group with outcomes of Black nonveterans and White veterans from 2017 to 2019.
Eric J. Labs, an analyst in CBO’s National Security Division, testifies before the House Homeland Security Committee's Subcommittee on Transportation and Maritime Security on May 7, 2024.
To show how variations in economic conditions might affect its budget projections, CBO analyzed how revenues, outlays, and deficits might change if the values of key economic variables differed from those in the agency’s forecast.
Compared with private-sector employees, the average compensation costs for federal employees in 2022 were greater among workers whose education culminated in a bachelor’s degree or less, but lower among workers with more education.
CBO's transparency efforts are intended to promote a thorough understanding of its work, help people gauge how estimates might change if policies or circumstances differed, and enhance the credibility of its analyses and processes.