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- Blog Post
The federal government’s fiscal year 2012 has come to a close, and CBO estimates—in its latest Monthly Budget Review—that the federal budget deficit for the year was about $1.1 trillion, or 7.0 percent of gross domestic product (GDP). Although the deficit is approximately $200 billion lower than the shortfall recorded in 2011, fiscal year 2012 marks the fourth year in a row with a deficit of more than $1 trillion.
- Report
The budget deficit was about $1.1 trillion in fiscal year 2012, CBO estimates. That is about $200 billion smaller than in 2011, but still ranks as the fourth-largest deficit since WWII.
- Data and Technical Information
This file contains data that supplement information presented in CBO’s 2012 Long-Term projections for Social Security: Additional Information (October 2012).
- Cost Estimate
As ordered reported by the Senate Committee on Environment and Public Works on July 25, 2012
- Blog Post
CBO estimates that in fiscal year 2012, spending for Social Security totaled $773 billion, equal to about 5 percent of gross domestic product and one-fifth of federal spending. As more members of the baby-boom generation retire and the U.S. population grows older in the coming decades, Social Security outlays are projected to grow more rapidly than the economy and more rapidly than the program’s dedicated tax revenues.
- Report
The 2012 Long-Term Projections for Social Security: Additional Information
- Cost Estimate
As ordered reported by the Senate Committee on the Judiciary on September 20, 2012 CBO estimates that implementing S. 3250 would have no significant cost to the federal government. Enacting the legislation would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
- Cost Estimate
As ordered reported by the Senate Committee Environment and Public Works on July 25, 2012 S. 1735 would authorize the Tennessee Valley Authority (TVA) to convey certain federal properties to the state of Mississippi. Enacting S. 1735 would affect direct spending; therefore, pay-as-you-go procedures apply to the bill. CBO estimates, however, that the net impact on direct spending would be insignificant over the 2013-2022 period. Enacting S. 1735 would not affect revenues or spending subject to appropriation.
- Report
CBO analyzed three options that would modify the way that income for the self-employed would be taxed.
- Blog Post
Today CBO released a report, The Taxation of Capital and Labor Through the Self-Employment Tax.