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CBO is required to regularly prepare a baseline consisting of projections of federal revenues, spending, deficits or surpluses, and debt under current law. This document describes the laws that govern how CBO prepares those projections.
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As defined by the Unfunded Mandates Reform Act of 1995, mandates generally require a nonfederal entity to take an action or comply with a prohibition. This primer describes the principles that CBO follows to identify mandates in legislation.
- Recurring Data
- Recurring Data
- Recurring Data
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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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CBO’s updated projections show a federal budget deficit of $1.5 trillion for 2023. That estimate is subject to considerable uncertainty, though, in part because of a recent shortfall in tax revenues.
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CBO projects that if the debt limit remains unchanged, there is a significant risk that at some point in the first two weeks of June, the government will no longer be able to pay all of its obligations.
- Recurring Data
- Recurring Data