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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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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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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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CBO’s Director, Phillip Swagel, testifies before the House Budget Committee.
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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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CBO Director Phillip Swagel testifies before the House Committee on the Budget.
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CBO was asked what the effects on federal deficits would be if the economy was stagnant over two years. The agency created two scenarios with no growth of gross domestic product adjusted to remove the effects of inflation.
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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.