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CBO is required to report its assessment of whether enacted appropriations for the current fiscal year exceed caps on discretionary spending. In CBO's estimation, they do not, and hence a sequestration will not be required for 2016.
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Two subcommittees of the House Committee on Science, Space, and Technology convened a hearing at which CBO testified on the Renewable Fuel Standard. Questions for the record were submitted, and this document provides CBO’s answers.
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Under current law, CBO projects, Social Security’s trust funds, considered together, will be exhausted in 2029. In that case, benefits in 2030 would need to be reduced by 29 percent from the scheduled amounts.
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CBO analyzes 36 policy options commonly proposed by policymakers and analysts. Most of them would improve Social Security’s long-term finances, but only a few would significantly postpone the combined trust funds’ exhaustion date.
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The federal budget deficit was $200 billion for the first two months of fiscal year 2016, CBO estimates. That deficit was $22 billion larger than the one recorded during the same period last year.
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Kim Cawley, Chief of CBO’s Natural and Physical Resources Cost Estimates Unit, testifies on the Nuclear Waste Policy Act before the Subcommittee on Environment and the Economy, Committee on Energy and Commerce, U.S. House of Representatives.
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CBO reviews the federal government’s current role in the multifamily mortgage market and four broad approaches to modifying that role.
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The Defense Department could cut federal costs by replacing some military personnel in support positions with civilian employees. If DoD replaced 80,000 military personnel, it could eventually save $3.1 billion to $5.7 billion annually.
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Testimony by Eric J. Labs, Senior Analyst for Naval Forces and Weapons, before the Subcommittee on Seapower and Projection Forces, Committee on Armed Services, U.S. House of Representatives
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In 2016, low- and moderate-income workers will face an effective marginal tax rate of 31 percent, on average. Federal individual income and payroll taxes will be the main contributors.