Testimony on the Budget and Economic Outlook: 2022 to 2032

CBO Director Phillip Swagel testifies before the House Budget Committee.

The Budget and Economic Outlook: 2022 to 2032

In CBO’s projections, assuming that current laws generally remain unchanged, the federal deficit totals $1.0 trillion in fiscal year 2022 and averages $1.6 trillion per year from 2023 to 2032. Real GDP grows by 3.1 percent this year.

Budgetary Effects of a Policy That Would Lower the Age of Eligibility for Medicare to 60

CBO and the staff of the Joint Committee on Taxation estimate that lowering the age of Medicare eligibility to 60 would increase federal budget deficits, change primary sources of health insurance, and increase the number of people insured.

Answer to a Question for the Record Following a Hearing on CBO’s Appropriation Request for Fiscal Year 2023

The Subcommittee on the Legislative Branch of the House Committee on Appropriations convened a hearing at which Phillip L. Swagel, CBO’s Director, testified. This document provides CBO’s answer to a question submitted for the record.

Report on the Troubled Asset Relief Program—May 2022

Lawmakers created the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. The TARP’s net cost will be $31 billion, CBO estimates—about what it reported in July 2021 and slightly less than OMB’s latest estimate.

Testimony on a Single-Payer Health Care System That Is Based on Medicare’s Fee-for-Service Program

CBO Director Phillip Swagel testifies before the Senate Budget Committee.

Statement for the Record Regarding CBO’s Appropriation Request for Fiscal Year 2023

CBO’s Director, Phillip Swagel, provided a written statement regarding CBO’s appropriation request for fiscal year 2023 to the Senate Appropriations Committee’s Subcommittee on the Legislative Branch.

Monthly Budget Review: April 2022

The federal budget deficit was $360 billion in the first seven months of fiscal year 2022, CBO estimates. That amount is about one-fifth of the $1.9 trillion shortfall recorded during the same period in 2021.

Analyzing How the Effects of Federal Policies May Differ by Race and Ethnicity

CBO describes the agency's efforts to increase its capacity to analyze how budgetary and economic conditions or developments may affect various demographic groups (including groups based on race and ethnicity) differently.

The Economic Effects of Waiting to Stabilize Federal Debt

CBO analyzes the economic effects of waiting to stabilize federal debt. The longer action is delayed, the larger the policy changes needed to stabilize debt. The timing and type of policy would determine its effects on different age and income groups.