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The Senate Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to questions submitted for the record.
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In CBO and JCT’s projections, net federal subsidies in 2022 for insured people under age 65 are $997 billion. In 2032, that annual amount is projected to reach $1.6 trillion.
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CBO responds to Congressman Jason Smith’s request to provide information about the cost of eight executive actions taken by the Biden Administration and how they are reflected in CBO’s baseline projections.
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CBO analyzes the effects of work requirements and work supports on employment and income of participants in Temporary Assistance for Needy Families, the Supplemental Nutrition Assistance Program, and Medicaid.
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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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CBO Director Phillip Swagel testifies before the Senate Budget Committee.
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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.
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CBO examines trends in nationwide spending on prescription drugs over the 1980–2018 period. CBO also provides a detailed analysis of trends in spending, use, and prices in the Medicare Part D and Medicaid programs over the 2009–2018 period.
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In a response to Congressman Palmer, CBO summarizes its recent analysis of the costs of making permanent some of the policies in the Build Back Better Act.