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In 2017, the government financed roughly $100 billion in student loans and provided about $30 billion in grants and $30 billion in tax preferences. This report examines the impact of such aid and a number of approaches to changing it.
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If current laws remain generally unchanged, CBO projects, federal budget deficits and debt would increase over the next 30 years—reaching the highest level of debt relative to GDP in the nation’s history by far.
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In 2016, students pursuing higher education received about $91 billion in financial support from federal spending programs and tax expenditures. This report examines the distribution of that assistance among households, by income group.
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CBO’s March 2016 projections of federal outlays for fiscal year 2017 were $65 billion—or 1.6 percent—more than the actual amount reported by OMB. By comparison, the mean absolute error for projections made for 1993 to 2016 is 2.3 percent.
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In a letter to Congressman Mark Meadows, CBO provides information about cost-sharing reductions and their budgetary treatment.
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The federal budget deficit was $530 billion for the first eight months of fiscal year 2018, CBO estimates, $97 billion more than the shortfall recorded during the same period last year.
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Outlays for mandatory means-tested programs would grow over the next decade at an average annual rate of 4 percent, whereas spending for mandatory non–means-tested programs would grow at an average rate of 6 percent, CBO projects.
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The House Budget Committee convened a hearing at which Director Keith Hall testified on CBO’s work since in 2017 and future plans. This document provides CBO’s answers to questions submitted for the record.
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Over the next 10 years, the cumulative deficit under the President’s proposals would be $3.0 trillion less than the $12.4 trillion in CBO’s baseline. The deficit would average 3.7 percent of GDP, CBO estimates.
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The Senate Appropriations Committee convened a hearing at which Director Keith Hall testified about CBO’s appropriation request for fiscal year 2019. This document provides CBO’s answers to a question submitted for the record.