Legislation Enacted in the First Session of the 116th Congress That Affects Mandatory Spending or Revenues
CBO estimates the laws that were enacted in 2019 will add about $406 billion to the cumulative deficit from 2019 through 2029—the net result of a $422 billion reduction in revenues and a $16 billion reduction in outlays.
Presentation by Phillip Swagel, CBO’s Director, to the Forecasters Club of New York.
Presentation by Phillip Swagel, CBO’s Director, to the Tax Council Policy Institute.
CBO examines how enrollment in income-driven plans has changed and how those plans will affect the federal budget. CBO projects the costs of two sets of options that would change the availability of such plans or change borrowers’ payments.
- Blog Post
CBO has reduced its projections of corporate income tax receipts for the 2020–2029 period by $127 billion (or about 4 percent). That change from the agency’s August 2019 projections arose from several sources.
In CBO’s current-law projections, deficits remain large by historical standards, federal debt grows to 98 percent of GDP by 2030, and the economy expands at an average annual rate of 1.7 percent from 2021 to 2030.
In this report, CBO projects the budgetary effects of automatic stabilizers—as well as the size of deficits without them—from 2020 to 2030 and provides historical estimates of the stabilizers’ effects since 1970.
To show how the federal budget might be affected if economic conditions differed from those in its current economic forecast, CBO has developed “rules of thumb” that provide a sense of how changes in four key economic variables would affect revenues, outlays, and deficits.
This workbook allows users to enter an alternative scenario for productivity growth, labor force growth, inflation, or interest rates and see estimates of revenues, several types of spending, and deficits under those scenarios.
CBO Director Phillip Swagel testifies about The Budget and Economic Outlook: 2020 to 2030 before the House Budget Committee.