The federal budget deficit was $1.2 trillion in the first eight months of fiscal year 2024, CBO estimates—$38 billion more than the deficit recorded during the same period last fiscal year.
CBO Blog
CBO’s Director, Phillip Swagel, testifies before the House Ways and Means Committee’s Subcommittee on Social Security about the significant financial challenge the program faces in the coming decades.
CBO will publish "An Update to the Budget and Economic Outlook: 2024 to 2034" on June 18 at 2 p.m. EDT. On June 27 at 2 p.m., CBO will publish "An Analysis of the Discretionary Spending Proposals in the President’s 2025 Budget."
CBO published initial results of the distribution of income by race and ethnicity in "AEA Papers and Proceedings."
Chapin White, CBO's Director of Health Analysis, testifies before the House Committee on the Budget.
CBO analyzed the effects on the budget and the economy of eight scenarios that differ from those underlying the agency’s extended baseline—six that vary economic conditions and two that vary budgetary conditions.
CBO focused on households’ consumption of a bundle of typical goods and services from 2019 to compare purchasing power in 2019 with that in 2023. On average, purchasing power increased, but the effects of inflation varied by income group.
CBO’s Director, Phillip Swagel, testifies before the Senate Appropriations Committee’s Subcommittee on the Legislative Branch.
CBO provides information about how its most recent budget projections would change under different assumptions about future legislated policies.
The federal budget deficit was $857 billion in the first seven months of fiscal year 2024, CBO estimates—$68 billion less than the deficit recorded during the same period last fiscal year.