For the most recent developments, see the home page.
- 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.”