CBO announces the current members of the Panel of Health Advisers.
The federal budget deficit was $2.5 trillion in the first 10 months of fiscal year 2021, CBO estimates—$269 billion less than the deficit during the same period last year.
CBO examined two illustrative scenarios that would boost federal funding for a mix of types of physical infrastructure by $500 billion over 10 years. The two scenarios differ in how the additional spending would be financed.
In 2018, average household income after accounting for means-tested transfers and federal taxes was $37,700 among households in the lowest quintile and $243,900 among households in the highest quintile.
CBO analyzed the Administration’s request for discretionary funding and some proposals that affect mandatory spending. The need for CBO to support ongoing legislative activity prevented the agency from completing a comprehensive analysis.
CBO is saddened by the untimely death of Sen. Mike Enzi. We had the privilege of working closely with him when he served as the Chairman of the Senate Budget Committee. We appreciated the support and thoughtful guidance that he gave us.
The Congressional Budget Office will publish estimates of the budgetary effects of some of the proposals in the President’s budget (which was released on May 28, 2021) on Friday, July 30, at 11:00 a.m.
CBO provides additional detail about its latest baseline projections, which were published on July 1, 2021. The projected deficit for 2021 is $3.0 trillion, $126 billion less than the deficit recorded last year.
CBO projects that if the debt limit is not raised, the Treasury would probably run out of cash and be unable to make its usual payments starting sometime in the first quarter of the next fiscal year, most likely in October or November.
In this report, the latest in a quarterly series, CBO highlights its recent work and summarizes its work in progress.