The federal budget deficit was $1.1 trillion in the first half of fiscal year 2023, CBO estimates—$430 billion more than the shortfall recorded during the same period last year—and consistent with projections CBO released in February.
CBO Blog
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Immigration increases total economic output, although not necessarily output per person. It also affects the federal budget through the taxes that foreign-born people pay and the government programs in which they participate.
CBO has again been recognized by the Partnership for Public Service as one of the Best Places to Work in the Federal Government. CBO placed No. 1 in the small-agency category in the latest Best Places to Work ranking, which is for 2022.
CBO Director Phillip Swagel discusses his recent and upcoming presentations on CBO’s latest budget and economic projections.
View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2022, as well as broader trends in the budget over the past few decades.
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.
CBO describes the commitments the federal government has made through its credit and insurance programs, including housing, real estate, and student loan programs, deposit insurance, insurance for private pensions, and flood and crop insurance.
CBO estimates that the effects on mandatory spending and revenues of laws enacted in 2022 will add about $810 billion to deficits from 2022 to 2032—the net result of a $900 billion increase in outlays and a $90 billion increase in revenues.
The federal budget deficit was $724 billion in the first five months of fiscal year 2023, CBO estimates—$248 billion more than the shortfall recorded during the same period last year.
CBO’s Director, Phillip Swagel, uses the agency’s latest report on budget options to illustrate ways to reduce the deficit.