The federal budget deficit was $867 billion for the first 10 months of fiscal year 2019, CBO estimates, $184 billion more than the deficit recorded during the same period last year. Revenues were $92 billion higher and outlays were $276 billion higher than in the same period in fiscal year 2018.
CBO will release An Update to the Budget and Economic Outlook: 2019 to 2029 on Wednesday, August 21, at 11:00 a.m. The report will contain the agency’s latest budget and economic projections.
On Monday, July 29, CBO Director Phill Swagel will speak to the Aspen Economic Strategy Group about the long-term fiscal challenges facing the nation. This blog post is provided to the members of the audience as background for those remarks.
In 2016, average household income before accounting for means-tested transfers and federal taxes was $21,000 for the lowest quintile and $291,000 for the highest quintile. After transfers and taxes, those averages were $35,000 and $214,000.
The federal budget deficit was $746 billion for the first nine months of fiscal year 2019, the CBO estimates, $139 billion more than the deficit recorded during the same period last year. Revenues were $69 billion higher and outlays were $208 billion higher than during first nine months of 2018.
The federal minimum wage is $7.25 per hour for most workers. In this report, CBO examines how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income.
In 2018, the federal government spent $492 billion on investment—for physical capital, education and training, and research and development—which represented 12 percent of federal spending and 2 percent of GDP.
In our extended baseline projections in The 2019 Long-Term Budget Outlook, budget deficits drive federal debt held by the public to unprecedented levels.
If current laws generally remained unchanged, large budget deficits would boost federal debt to unprecedented levels over the next 30 years, CBO projects.
CBO is submitting this report to the Committee on House Administration of the House of Representatives and the Committee on Rules and Administration of the Senate in accordance with section 509 of the CAA Reform Act.