In a cost estimate prepared in October 2000, the Congressional Budget Office estimated that spending for new health care benefits for military retirees would total about $57 billion over the 2003–2010 period; actual costs over that period were about $55 billion.
By CBO’s calculations, the Navy’s new frigate could cost 40 percent more than the service estimates. If the Navy’s estimate proves correct, however, the frigate would be its least expensive surface combatant in the past 50 years.
The federal government ran a budget deficit of $3.1 trillion in fiscal year 2020, CBO estimates, more than triple the shortfall recorded in 2019. The Treasury Department will report the actual deficit for the year later this month.
CBO releases an annual report summarizing completed projects. The agency also publishes quarterly reports, like this one, highlighting recent work and summarizing work in progress.
In 2017, average household income before accounting for means-tested transfers and federal taxes was $21,300 for the lowest quintile and $309,400 for the highest quintile. After transfers and taxes, those averages were $35,900 and $229,700.
CBO examines four policy approaches that could achieve near-universal health insurance coverage.
Congratulations to Theresa Gullo, CBO’s Director of Budget Analysis, on her selection as a fellow by the National Academy of Public Administration. Her selection acknowledges her wealth of public policy knowledge and the outstanding public service she provides to the Congress.
In 2019, about 12 percent of people under 65 were not enrolled in a health insurance plan or a government program that provides financial protection from major medical risks. In this report, CBO describes that uninsured population.
CBO and JCT project that federal subsidies, taxes, and penalties associated with health insurance coverage for people under age 65 will result in a net subsidy from the federal government of $920 billion in 2021 and $1.4 trillion in 2030.
CBO Director Phill Swagel focuses on the long-term fiscal challenges facing the nation in his statement on CBO’s report The 2020 Long-Term Budget Outlook.