CBO discusses choices about revenues and spending that lawmakers face in addressing the shortfall in the Highway Trust Fund as well as options for subsidizing state and local governments’ financing of highway projects.
CBO estimates that real gross domestic product will contract by 11 percent in the second quarter of this year, which is equivalent to a decline of 38 percent at an annual rate, and that the number of people employed will be almost 26 million lower than the number in the fourth quarter of 2019.
- Working Paper
Oil prices are one of the economic variables that underlie CBO's projections of the federal budget. This paper describes CBO's methods to forecast oil prices and evaluates the quality of the agency's historical forecasts.
This letter answers questions from Congresswoman Schakowsky related to federal funding for state and local governments.
The federal budget typically records a surplus in April because final tax payments for the prior year and estimated payments for the current year are usually due on April 15. But this year, the government incurred a deficit of $737 billion in April, CBO estimates, compared with a surplus of $160 billion last year.
CBO’s Current Economic Projections and a Preliminary Look at Federal Deficits and Debt for 2020 and 2021
Presentation by Phill Swagel, CBO’s Director, to the Committee on the Budget, U.S. House of Representatives.
- Blog Post
CBO’s Current Projections of Output, Employment, and Interest Rates and a Preliminary Look at Federal Deficits for 2020 and 2021
CBO discusses its preliminary projections of key economic variables and its preliminary assessments of federal budget deficits and debt through 2021. The amounts include the effects of legislation enacted in response to the pandemic.
- Blog Post
View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2019, as well as broader trends in the budget over the past few decades.
Discretionary spending by the federal government totaled $1.3 trillion in 2019—about half for national defense and half for nondefense activities.
Mandatory spending by the federal government totaled $2.7 trillion in 2019, of which $1.7 trillion was for Social Security and Medicare.