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In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.
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Chapin White, CBO's Director of Health Analysis, testifies before the House Energy and Commerce Committee's Subcommittee on Health.
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CBO Director Phillip Swagel testifies before the House Committee on the Budget.
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CBO was asked what the effects on federal deficits would be if the economy was stagnant over two years. The agency created two scenarios with no growth of gross domestic product adjusted to remove the effects of inflation.
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CBO is providing information regarding its engagement with the AbilityOne program, which fosters agencies’ procurement of products and services provided by nonprofits that employ people who are blind or have significant disabilities.
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In CBO’s projections, the U.S. population increases from 342 million people in 2024 to 383 million people in 2054. Net immigration increasingly drives population growth, accounting for all population growth beginning in 2040.
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Learn more about CBO, its work, and its processes in an introduction to the agency that is typically updated at the start of each Congress or a new session.
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CBO reports annually on programs whose authorizations of appropriations have already expired or will expire. This data file covers legislation enacted through September 30, 2023. A full report will be issued later this year.
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In this report, the latest in a quarterly series, CBO highlights its recent publications and summarizes its work in progress.
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The federal budget deficit totaled $509 billion in the first quarter of fiscal year 2024, CBO estimates—$87 billion more than the deficit recorded during the same period last fiscal year.