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CBO Director Phillip Swagel testifies before the House Budget Committee.
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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.
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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.
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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.
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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.
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CBO Director Phillip Swagel testifies before the Senate Budget Committee.
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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.
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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.
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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.
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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.
