On February 6, 2018, CBO staff testified before the House Budget Committee on the process and principles underlying the preparation of the agency’s baseline projections and cost estimates for legislation.
CBO is required to provide the Congress an annual report on spending, revenues, and deficits with subsequent revisions to that report. Here, CBO provides answers to questions about how it prepares its baseline projections for the budget.
The Congressional Budget Act of 1974 requires CBO to prepare cost estimates for legislation at certain points in the legislative process. This report provides answers to frequently asked questions about how CBO prepares those estimates.
CBO projects that if the debt limit is not raised, the Treasury will not be able borrow additional funds using extraordinary measures, and could run out of cash, in the first half of March 2018.
Because people who do not work with CBO regularly are sometimes unfamiliar with its role and operations, Director Hall highlighted some key points about the agency during his testimony before the House Budget Committee.
On January 30, 2018, Director Keith Hall testified before the House Budget Committee on CBO’s work in 2017 and the agency’s plans for the future.
What roles do cash and accrual measures play in the federal budget process? This report discusses the relative merits of those measures and explores the implications of expanding the use of accrual measures for decisionmaking purposes.
CBO has been asked to produce a report that includes budget projections and an economic forecast that reflect the tax legislation and any major decisions about spending that the Congress makes in the next few weeks.
On January 24, 2018, Director Keith Hall testified before the Senate Budget Committee on CBO’s work in 2017 and the agency’s plans for the future.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues in support of the Congress. In 2017, CBO completed 740 formal cost estimates, 86 analytic reports and working papers, and many other products.