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The Senate Budget Committee convened a hearing at which Director Keith Hall testified about The Budget and Economic Outlook: 2018 to 2028. This document provides CBO’s answers to questions submitted for the record.
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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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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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On January 24, the Senate Budget Committee convened a hearing at which Director Keith Hall testified about CBO’s work in 2017 and its future plans. This document provides CBO’s answers to questions submitted for the record.
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This report assesses the accuracy of projections that CBO and JCT made in 2010 and 2013 of federal spending for people made newly eligible for Medicaid by the ACA and of subsidies for health insurance purchased through the ACA marketplaces.
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CBO and JCT project that the federal subsidies, taxes, and penalties associated with health insurance coverage for people under age 65 will result in a net subsidy from the federal government of $705 billion in 2017.
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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 2018. This document provides CBO’s answers to questions submitted for the record.
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Under current law, deficits in CBO’s baseline projections continue to climb over the next decade, driving up federal debt. Economic growth remains modest, at about 2.0 percent through 2018 and then 1.9 percent later in the period.
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Medicaid spending under the Better Care Reconciliation Act of 2017 would be about 35 percent lower in 2036 compared with CBO’s extended baseline. Such spending under the bill would increase each year throughout the next two decades.
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If current laws remained generally unchanged, the United States would face steadily increasing federal budget deficits and debt over the next 30 years—reaching the highest level of debt relative to GDP ever experienced in this country.