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- Report
The Congress has traditionally placed a limit on the total amount of debt that the Department of the Treasury can issue to the public and to other federal agencies. Lawmakers have enacted numerous increases to the debt limit—commonly known as the debt ceiling—some of which have been temporary and many of which have been permanent. Treasury debt is now approaching the current limit.
- Report
Significant tax increases and spending cuts are slated to take effect in January 2013, sharply reducing the federal budget deficit and causing, by CBO’s estimates, a decline in economic output and an increase in unemployment.
- Blog Post
In fiscal year 2012, the federal budget deficit surpassed $1 trillion for the fourth year in a row. If lawmakers maintained current policies by preventing most of the tax increases and spending cuts that are scheduled to occur in January, deficits would total almost $10 trillion over the next decade. Federal debt held by the public would increase from nearly 73 percent of gross domestic product (GDP) at the end of 2012 to 90 percent of GDP 10 years from now.
- Report
Are fiscal rules a useful tool for achieving budgetary goals? View the appendix of this report to learn more.
- Blog Post
Today CBO released An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022. The report, issued annually in the late summer, contains the agency’s updated economic and budget projections spanning the period from 2012 through 2022. CBO also published an infographic about the fiscal tightening scheduled to occur in 2013 and its economic consequences. Key aspects of our projections are illustrated in the figures below.
- Report
For fiscal year 2012, the federal budget deficit will total $1.1 trillion, CBO estimates, marking the fourth year in a row with a deficit of more than $1 trillion.
- Data and Technical Information
This table provides supplemental information about policy alternatives that affect the tax code contained in Table 1-5 in CBO’s August 2012 report An Update to the Economic and Budget Outlook: Fiscal Years 2012 to 2022.
- Graphic
Under current law, a sharp reduction in the federal budget deficit between 2012 and 2013 will cause the economy to contract, CBO projects, but will also put federal debt on a path more likely to be sustainable over time.
- Blog Post
The Congressional Budget Office will release The Budget and Economic Outlook: An Update on Wednesday, August 22. That report, which CBO issues annually in the late summer, will contain the agency’s updated economic and budget projections spanning the period from 2012 through 2022. It will be available on CBO’s website at 10:00 a.m. (Details about arrangements for the press may be found on the press page.)
- Blog Post
I was pleased to speak early yesterday with a group of reporters who gather regularly at the invitation of the Christian Science Monitor. (Audio of the event is below.)