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CBO Director Keith Hall testifies about The Budget and Economic Outlook: 2018 to 2028 before the House Budget Committee.
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CBO Director Keith Hall testifies about The Budget and Economic Outlook: 2018 to 2028 before the Senate Budget Committee.
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In CBO’s projections, the economy grows relatively quickly this year and next and then more slowly in the following several years. The federal budget deficit rises substantially, boosting federal debt to nearly 100 percent of GDP by 2028.
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The federal budget deficit was $598 billion for the first half of fiscal year 2018, CBO estimates, $71 billion more than the shortfall recorded during the same period last year.
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As required, CBO reports on whether appropriations enacted for the current fiscal year have exceeded the statutory caps on discretionary funding. In CBO’s estimation, they have not, and a sequestration will not be required for 2018.
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In 2014, average household income before accounting for means-tested transfers and federal taxes was $19,000 for the lowest quintile and $281,000 for the highest quintile. After transfers and taxes, those averages were $31,000 and $207,000.
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CBO’s response to Honorable Lamar Alexander’s request for an alternative estimate of section 602(b) of the Bipartisan Health Care Stabilization Act of 2018.
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CBO estimates that the costs of achieving a 355-ship Navy under two different approaches would average over $100 billion annually through 2047. Those scenarios are compared with two others that would cost less and involve a smaller fleet.
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CBO estimates that the net cost of the TARP will total $32 billion—$1 billion less than it estimated in June 2017 because of a decrease in projected outlays for mortgage programs. Almost all of the TARP’s transactions have been completed.
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The federal budget deficit was $392 billion for the first five months of fiscal year 2018, CBO estimates, $42 billion more than the shortfall recorded during the same period last year.