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- Report
The House 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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The federal budget deficit increases significantly in relation to gross domestic product over the next 30 years, in CBO’s projections, pushing federal debt held by the public far beyond any previously recorded level.
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CBO provides an update to an earlier estimate of the effects of a potential sequestration under the caps established by the Fiscal Responsibility Act of 2023.
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In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.
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In CBO’s projections, the U.S. population increases from 342 million people in 2024 to 383 million people in 2054. Net immigration increasingly drives population growth, accounting for all population growth beginning in 2040.
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CBO reports annually on programs whose authorizations of appropriations have already expired or will expire. This data file covers legislation enacted through September 30, 2023. A full report will be issued later this year.
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CBO provides information concerning implementation of the caps on most discretionary funding for fiscal year 2024 as established by the Fiscal Responsibility Act of 2023.
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Julie Topoleski, CBO’s Director of Labor, Income Security, and Long-Term Analysis, testifies about CBO’s demographic projections before the Joint Economic Committee.
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The Senate Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified about Social Security’s finances. This document provides CBO’s answers to questions submitted for the record.
- Report
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire.