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The Administration requested $23 billion for nuclear forces in 2014, CBO estimates. With current plans, costs will total about $350 billion over the next 10 years if costs grow at historical rates, CBO projects.
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Federal debt is projected to rise significantly over the long term. What policy changes could reduce future deficits and thus lower the trajectory of federal debt? What criteria might be used to evaluate those policy changes?
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A carbon tax or cap-and-trade program could make emission-intensive U.S. products less competitive and increase emissions overseas. Import tariffs related to emissions could reduce those effects but would be hard to implement.
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In 2012, the federal government spent $531 billion on investment—for physical capital; research and development; and education and training—which represented 15 percent of federal spending and 3 percent of GDP.
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Spending on the Social Security program will exceed its dedicated tax revenues, on average, by about 12 percent over the next decade, CBO projects. The gap will grow larger in the 2020s and will exceed 30 percent of revenues by 2030.
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The federal government ran a budget deficit of $231 billion for the first two months of fiscal year 2014, $61 billion less than the shortfall recorded in October and November of last year, CBO estimates.
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This document is a reprint of Chapter 5 of CBO's publication Options for Reducing the Deficit: 2014 to 2023 (November 2013).
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Households in the top quintile (including the top percentile) paid 68.8 percent of all federal taxes, households in the middle quintile paid 9.1 percent, and those in the bottom quintile paid 0.4 percent.
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Extending emergency unemployment benefits would raise economic output and employment in 2014 relative to what would occur under current law, CBO estimates.
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This letter responds to a request by the Senate Finance Committee for information on the depreciation of tangible assets.