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- 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.
- 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).
- 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
- Blog Post
The Social Security Disability Insurance (DI) program has expanded rapidly during the past few decades, and CBO projects that, under current law, future spending for the program will significantly exceed the revenues dedicated to it.
- Graphic
CBO projects that in 2022, the Social Security Disability Insurance program will provide benefits totaling $204 billion to over 12.3 million disabled workers and their dependents.
- Report
The Disability Insurance program provided benefits to 8.3 million disabled workers in 2011. By 2022, CBO projects, the program will provide benefits to over 10 million disabled workers and spending on benefits will exceed $190 billion.
- Blog Post
The federal government provides credit assistance to individuals and businesses in the form of direct loans and through guarantees of loans made by private financial institutions. In a report requested by the Chairman and Ranking Member of the Senate Budget Committee, CBO provides an illustrative analysis of the federal government’s costs for those credit programs following two approaches:
- Report
CBO provides an illustrative analysis of the federal government’s costs for credit programs following two approaches.