CHRONOLOGICAL ARCHIVES

For the most recent developments, see the home page.

• Apr. 9, 2024:  Senate Budget Committee Ranking Member Chuck Grassley released a letter from the Committee’s GOP members calling on Chairman Sheldon Whitehouse to focus the committee’s attention on the “nation’s dire fiscal outlook” rather than climate change, which is under the jurisdiction of the Committee on Environment and Public Works.
• Mar. 27, 2024:  CBO released a report estimating that “the effects on mandatory spending and revenues of laws enacted in 2023 will reduce the deficit by $10 billion from 2023 to 2033—the net result of a $12 billion decrease in outlays and a $2 billion decrease in revenues.”
• Mar. 25, 2024:  Senate Budget Committee Chairman Sheldon Whitehouse released a letter defending the committee’s focus on “the economic dangers and budgetary costs associated with climate change.”
• Mar. 22, 2024:  CBO’s answers to questions for the record following a hearing on the Budget and Economic Outlook: 2024 to 2034.
• Mar. 20, 2024:  CBO released The Long-Term Budget Outlook: 2024-2054 projecting: “The deficit increases significantly in relation to gross domestic product (GDP) over the
  next 30 years, reaching 8.5 percent of GDP in 2054. That growth results from rising interest costs and large and sustained primary deficits….Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter. That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook….Outlays are large by historical standards, and they generally rise over the 2024–2054 period, reaching 27.3 percent of GDP in 2054. Rising interest costs and spending for the major health care programs, particularly Medicare, drive that growth.”  However, CBO found that, “measured as a percentage of GDP, the deficit is now projected to be 1.6 percentage points smaller in 2053 than it was in last year’s report, and federal debt is now projected to be 17 percentage points smaller. A key factor contributing to smaller projected deficits is a reduction in discretionary spending stemming from the annual funding limits under the Fiscal Responsibility Act of 2023 and from the Further Continuing Appropriations and Other Extensions Act, 2024.”
• Mar. 13, 2024:  CBO released a cost estimate for H.R. 3230, which would expand the scope of the Unfunded Mandates Reform Act, to cover major rules in addition to legislation.
• Mar. 11, 2024:  President’s Budget released.  See the complete budget at: GovBudget.com/presidents-budget/.  Analyses of the Budget: Roll Call  WashPost  CNN  AP  Bloomberg  NYTimes  WSJournal  The Hill
• Mar. 8, 2024: See Appropriations.com for complete details on passage of the 6-bill appropriations minibus.
• Mar. 7, 2024: House Budget Committee marked up an FY 2025 budget resolution.  Text  R-Summ  D-Summ.  President’s State of the Union address foreshadowing some of the budget proposals to be released on Monday, March 11.
• Feb. 16, 2024: CBO — How Changes in Revenues and Outlays Would Affect Debt-Service Costs, Deficits, and Debt
• Feb. 14, 2024:  Testimony of CBO Director Swagel on The Budget and Economic Outlook: 2024 to 2034
• Feb. 7, 2024:  The nonpartisan Congressional Budget Office its Budget and Economic Outlook for 2024 to 2034.  “In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.
• Jan. 31, 2024: House Budget Committee hearing on CBO.
• Jan. 18, 2024: House Budget Committee voted 22-12 to report HR 5779, the Fiscal Commission Act of 2023, legislation establishing a bipartisan fiscal commission. CBO Estimate. The Commission would be charged to “identify policies to improve the fiscal situation in the medium term and to achieve a sustainable debt-to-GDP ratio of the long term, and for any recommendations related to Federal programs for which a Federal trust fund exists, to improve solvency for a period of at least 75 years.” The bill would create a 16-member bicameral, bipartisan Commission with 6 Senators, 6 Representives and 4 nonvoting members from outside Congress; each of the 4 congressional leaders would appoint 3 members and 1 outside member. The Commission would be charged with proposing legislation by Dec. 12, 2024, with an optional extension date of May 15, 2025. Expedited consideration in the House and Senate — without amendment — would be required, although Senate passage would require 60 votes (the same threshold for cloture). Approving a legislative proposal would require a majority with at least two Democrats and two Republicans. House Budget Chairman Jodey Arrington (R-TX) said he would like to attach the measure to an FY 2024 appropriations bill.  All but three Democrats on the Committee opposed the measure arguing it could open the door to Social Security cuts.
• Jan. 12, 2024: CBO releases annual report on Expired and Expiring Authorizations
• Nov. 29, 2023: House Budget Committee hearing on proposals for a Fiscal Commission
• Nov. 16, 2023: CBO’s Analysis of the Long-Term Budgetary Outlook
• Nov. 9, 2023: Manchin, Romney introduce Fiscal Stability Act to create deficit commission
• Nov. 6, 2023:  The Hill: Johnson embraces deficit fight, setting up battle over Medicare, Social Security
• Oct. 20, 2023:  Joint Treasury-OMB Statement on budget results for FY 2023.
• Oct. 19, 2023: House Budget Committee hearing “Sounding the Alarm: Examining the Need for a Fiscal Commission.”
• Oct. 10, 2023:  CBO’s Monthly Budget Review for the last month of FY 2023 states that “the federal budget deficit was $1.7 trillion in fiscal year 2023,…$0.3 trillion more than the shortfall recorded during fiscal year 2022. Revenues fell by an estimated $455 billion (or 9 percent). Revenues were smaller than in fiscal year 2022, particularly for nonwitheld income taxes and remittances to the Treasury from the Federal Reserve. Outlays declined by an estimated $141 billion (or 2 percent).”
• Sept. 20, 2023:  House Budget Committee marked up FY 2024 Budget Resolution | Senate statement on resolution
• Sept. 8, 2023:  CBO Long-Term Projections of Gross Federal Debt
  
• Sept. 7, 2023:  CBO presentations on the U.S. economy
• July 27, 2023:  CBO Director Phillip Swagel reappointed to second 4-year term.
• July 26, 2023: CBO released An Update to the Economic Outlook: 2023-2025.  In CBO’s latest projections, economic growth slows and then picks up over the 2023–2025 period. That initial slowdown in economic growth drives up unemployment. Inflation continues to gradually decline.
• June 29, 2023: CBO released 2023 Long-Term Projections for Social Security: “In CBO’s projections, spending for Social Security increases relative to GDP over the next 75 years, and the gap between outlays and revenues widens. If combined, the program’s trust funds would be exhausted in fiscal year 2033.”
• June 28, 2023: CBO released The 2023 Long-Term Budget Outlook:  “The U.S. faces a challenging fiscal outlook in the coming years, according to CBO’s projections. Measured as a percentage of GDP, large and sustained deficits lead to high and rising federal debt that exceeds any previously recorded level.”
• Jun 21, 2023: House failed to override Biden veto of resolution to overturn student loan forgiveness rule CBO estimate of the costs of student loan forgiveness; issue may ultimately be resolved by Supreme Court
• May 26, 2023: CBO explains the statutory foundations of its baseline and principles for identifying unfunded mandates in legislation.
• May 16, 2023: Congressional Budget Office analysis (Table 2) projects that extending the 2017 Trump Tax Cuts, most of which expire in 2025 under current  law, would add more than $3 trillion to the public debt.
• May 12, 2023:  “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.”