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CBO provides information about how its most recent budget projections would change under different assumptions about future legislated policies.
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The federal budget deficit was $857 billion in the first seven months of fiscal year 2024, CBO estimates—$68 billion less than the deficit recorded during the same period last fiscal year.
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To show how variations in economic conditions might affect its budget projections, CBO analyzed how revenues, outlays, and deficits might change if the values of key economic variables differed from those in the agency’s forecast.
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In September 2023, the last remaining investment made by the Treasury through the Troubled Asset Relief Program was repaid, thereby ending the program. CBO estimates that the government’s total subsidy cost was $31 billion.
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The federal budget deficit totaled $1.1 trillion in the first half of fiscal year 2024, CBO estimates—$37 billion less than the deficit recorded during the same period last fiscal year.
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As required by law, CBO reports on whether appropriations enacted for the current fiscal year have exceeded the statutory caps on discretionary funding. In CBO’s estimation, they have not, and a sequestration will not be required for 2024.
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CBO estimates that the effects on mandatory spending and revenues of laws enacted in 2023 will reduce the deficit by $10 billion from 2023 to 2033—the net result of a $12 billion decrease in outlays and a $2 billion decrease in revenues.
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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.