Outlook for the Budget and the Economy
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Estimates of the Cost of Federal Credit Programs in 2025
CBO estimates the costs of federal credit programs in 2025 in two ways—following procedures prescribed by the Federal Credit Reform Act and using a fair-value approach, which measures the market value of the government’s obligations.
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Part 2 of Answers to Questions for the Record Following a Hearing on An Update to the Budget and Economic Outlook: 2024 to 2034
The Senate Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to 18 of the 29 questions submitted for the record.
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Part 1 of Answers to Questions for the Record Following a Hearing on An Update to the Budget and Economic Outlook: 2024 to 2034
The Senate Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to 11 of the 29 questions submitted for the record.
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Effects of the Immigration Surge on the Federal Budget and the Economy
An increase in immigration over the 2021–2026 period boosts federal revenues as well as mandatory spending and interest on the debt in CBO’s baseline projections, lowering deficits, on net, by $0.9 trillion over the 2024–2034 period.
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Testimony on An Update to the Budget and Economic Outlook: 2024 to 2034
CBO’s Director, Phillip Swagel, testifies about the agency's most recent analysis of the outlook for the budget and the economy before the Senate Budget Committee.
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The Effects of Permanently Extending the Expansion of the Premium Tax Credit and the Costs of that Credit for Deferred Action for Childhood Arrivals Recipients
CBO provides information about the effects on the budget and on health insurance coverage of permanently extending the expanded premium tax credit and about the costs of that credit for Deferred Action for Childhood Arrivals recipients.
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An Update to the Budget and Economic Outlook: 2024 to 2034
In CBO’s projections, the deficit totals nearly $2 trillion this year. Large deficits push federal debt held by the public to 122 percent of GDP in 2034. Economic growth slows to 2.0 percent in 2024 and 1.8 percent in 2026 and later years.
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Director’s Statement on the Updated Budget and Economic Outlook for 2024 to 2034
CBO’s Director, Phillip Swagel, discusses the current budget and economic outlook.
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CBO to Release Updated Budget and Economic Outlook on June 18
CBO will publish "An Update to the Budget and Economic Outlook: 2024 to 2034" on June 18 at 2 p.m. EDT. On June 27 at 2 p.m., CBO will publish "An Analysis of the Discretionary Spending Proposals in the President’s 2025 Budget."
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The Long-Term Budget Outlook Under Alternative Scenarios for the Economy and the Budget
CBO analyzed the effects on the budget and the economy of eight scenarios that differ from those underlying the agency’s extended baseline—six that vary economic conditions and two that vary budgetary conditions.