## Topics

-  Agriculture    -  Explaining Analytical Methods 
-  Budget    -  Accuracy of Projections 
  -  Budget Concepts and Process 
  -  Budget Options 
  -  Explaining Analytical Methods 
  -  Federal Credit Programs 
  -  Long-Term Budget Analysis 
  -  Methods for Analyzing the Economic Effects of Fiscal Policy Changes 
  -  Methods for Analyzing the Uncertainty of Economic and Budget Projections 
  -  Outlook for the Budget and the Economy 
  -  President's Budget 
  -  Reconciliation 
  -  Sequestration 
  -  Status of Appropriations 
-  CBO Operations    -  Explaining Analytical Methods 
-  Climate and Environment    -  Climate Change 
  -  Explaining Analytical Methods 
-  COVID-19    -  Explaining Analytical Methods 
-  Defense and National Security    -  Defense Budget 
  -  Explaining Analytical Methods 
  -  Military and Veterans' Health Care 
  -  Military Personnel 
  -  Weapon Systems 
-  Disaster Preparation and Relief    -  Explaining Analytical Methods 
-  Dynamic Analysis    -  Explaining Analytical Methods 
-  Economy    -  Banking and Capital Markets 
  -  Economic Effects of Fiscal Policy 
  -  International Trade and Finance 
  -  Long-Term Economic Analysis 
  -  Methods for Analyzing the Economic Effects of Fiscal Policy Changes 
  -  Methods for Analyzing the Uncertainty of Economic and Budget Projections 
  -  Methods for Baseline Economic Projections 
  -  Outlook for the Budget and the Economy 
  -  President's Budget 
-  Education    -  Explaining Analytical Methods 
-  Employment and Labor Markets    -  Explaining Analytical Methods 
  -  Federal Personnel 
-  Energy and Natural Resources    -  Explaining Analytical Methods 
-  Finance    -  Banking and Capital Markets 
  -  Explaining Analytical Methods 
  -  Federal Credit Programs 
  -  Housing Finance 
-  Health Care    -  Affordable Care Act 
  -  Explaining Analytical Methods 
  -  Medicaid and CHIP 
  -  Medicare 
  -  Methods for Analyzing Health Insurance Coverage 
  -  Military and Veterans' Health Care 
  -  Prescription Drugs 
  -  Private Health Insurance 
  -  Public Health and Prevention 
-  Homeland Security    -  Explaining Analytical Methods 
-  Housing    -  Explaining Analytical Methods 
  -  Housing Finance 
-  Immigration    -  Explaining Analytical Methods 
-  Income Distribution    -  Distribution of Federal Taxes 
  -  Explaining Analytical Methods 
-  Infrastructure and Transportation    -  Explaining Analytical Methods 
  -  Information Technology 
  -  Surface Transportation 
-  Mandates 
-  Poverty and Income Security    -  Explaining Analytical Methods 
  -  Food and Nutrition Programs 
  -  Medicaid and CHIP 
  -  Supplemental Security Income 
  -  Tax Credits 
-  Retirement    -  Explaining Analytical Methods 
  -  Medicare 
  -  Pensions 
-  Science and Research and Development    -  Explaining Analytical Methods 
-  Social Security    -  Disability Insurance 
  -  Explaining Analytical Methods 
-  State and Local Governments    -  Explaining Analytical Methods 
  -  Surface Transportation 
-  Taxes    -  Distribution of Federal Taxes 
  -  Explaining Analytical Methods 
  -  Outlook for the Budget and the Economy 
  -  President's Budget 
  -  Tax Credits 
  -  Tax Rates 
-  Veterans' Issues    -  Explaining Analytical Methods 
  -  Military and Veterans' Health Care 

# Budget

## Primary tabs

- Featured
- Publications & Cost Estimates
- Policy Options
- Recurring Publications(active tab)

Accuracy of CBO’s Baseline Projections
CBO periodically reports to the Congress on the accuracy of its baseline projections for spending, revenues, and the deficit by comparing those data with actual outcomes.
Dec 2023Jan 2023Jan 2022Dec 2020Dec 2019Dec 2018Jun 2018

Analysis of the President's Budget
CBO estimates the budgetary impact of the proposals in the President’s budget using the agency's own economic forecast and estimating assumptions. CBO’s independent "reestimate" of the President’s budget allows the Congress to compare the Administration's spending and revenue proposals with CBO’s baseline spending and revenue projections and with other proposals using a consistent set of economic and technical assumptions. CBO also usually analyzes the economic impact of the President’s budget (and the feedback effect of those economic changes on the budget)—recently in a separate report, but previously in the same report.
Jun 2024May 2023Sep 2022Jul 2022Jul 2021Mar 2020May 2019May 2018Jul 2017Jun 2016Mar 2016Aug 2015Mar 2015Jul 2014Apr 2014May 2013Apr 2012Mar 2012Apr 2011Mar 2011Mar 2010Jun 2009Mar 2008Mar 2007Mar 2006Mar 2005Mar 2004Mar 2003Mar 2002May 2001Apr 2000

Automatic Stabilizers in the Federal Budget
Federal revenues and outlays regularly respond to cyclical movements in the economy in ways that tend to offset those movements; the budget mechanisms that drive that process are known as automatic stabilizers. Those mechanisms, which help stabilize the economy automatically, also contribute to short-run fluctuations in the deficit, without any legislated changes in tax or spending policies. CBO periodically projects the budgetary effects of those automatic stabilizers—as well as the size of deficits without them—and provides historical estimates of the stabilizers’ effects.
Jun 2023Oct 2022Feb 2020Mar 2013Apr 2011May 2010

Budget and Economic Outlook and Updates
CBO regularly publishes projections of economic and budget outcomes which incorporate the assumption that current law regarding federal spending and revenues generally remains in place. Those baseline projections cover the 10-year period used in the Congressional budget process. Most of the reports on those projections also describe the differences between the current projections and previous ones; compare the economic forecast with those of other forecasters; and show the budgetary impact of some alternative policy assumptions. The budget projections and economic forecast are generally issued each January and updated in August; the budget projections are also generally updated each March.
Jun 2024Feb 2024Jul 2023May 2023Feb 2023May 2022Jul 2021Jul 2021Mar 2021Feb 2021Feb 2021Sep 2020Jul 2020May 2020Mar 2020Jan 2020Aug 2019May 2019Jan 2019Aug 2018Apr 2018Jun 2017Jan 2017Aug 2016Mar 2016Jan 2016Aug 2015Mar 2015Jan 2015Aug 2014Apr 2014Feb 2014May 2013Feb 2013Aug 2012Mar 2012Jan 2012Aug 2011Jan 2011Aug 2010Jan 2010Aug 2009Mar 2009Jan 2009Sep 2008Jan 2008Aug 2007Jan 2007Aug 2006Jan 2006Aug 2005Jan 2005Sep 2004Jan 2004Aug 2003Jan 2003Aug 2002Jan 2002Aug 2001Jan 2001Jul 2000Jan 2000

Budget InfographicsMar 2024Mar 2023Sep 2022Apr 2021Apr 2020Jun 2019Mar 2018Feb 2017Jan 2016Apr 2014Dec 2011

Budget Options
Periodically, CBO produces reference volumes examining options for reducing budget deficits. The volumes include a wide range of options, derived from many sources, for reducing spending and increasing revenues. (Occasionally, the volumes focus on specific areas of the budget, as do many of CBO’s other reports.) For each option, CBO presents an estimate of its effects on the budget and a discussion of its pros and cons but makes no recommendations.

A Budget Options search allows users to search for options by major budget category, budget function, topic, and date. The online search is updated regularly to include only the most recent version of budget options from various CBO reports.
Dec 2022Dec 2022Dec 2020Dec 2018Dec 2016Nov 2014Nov 2013Mar 2011Aug 2009Dec 2008Feb 2007Feb 2005Mar 2003Feb 2001Mar 2000Mar 2000

CBO’s Waterfall Model for Projecting Discretionary SpendingFeb 2024Mar 2023Aug 2022Mar 2021Jan 2020Jan 2019Aug 2018

Economic Forecasting Record
CBO periodically evaluates the quality of its economic forecasts by comparing them with the economy’s actual performance and with forecasts by the Administration and the Blue Chip consensus—an average of about 50 private-sector forecasts. Such comparisons help to show the extent to which various factors have caused CBO to miss patterns and turning points in the economy.
Jun 2023Dec 2021Oct 2019Oct 2017Feb 2015Jan 2013Jul 2010Jul 2009Nov 2007Nov 2006Oct 2005Sep 2004Nov 2002Feb 2002

Enacted Legislation That Affects Mandatory Spending or RevenuesMar 2024Mar 2023Mar 2022Apr 2021Feb 2020Mar 2019Mar 2017Mar 2015

Expired and Expiring Authorizations of Appropriations
CBO reports regularly to the Congress on programs funded for the current fiscal year whose authorizations of appropriations have expired and on programs whose authorizations of appropriations will expire during the current fiscal year.
Jul 2024Jan 2024Apr 2023Feb 2023Jan 2023Aug 2022Jan 2022May 2021Feb 2020Mar 2019Jul 2018Jan 2018Jan 2017Jan 2016Jan 2015Feb 2014Jan 2013Jan 2012Jan 2011Jan 2010Jan 2009Jan 2008Jan 2007Jan 2006Jan 2005Jan 2004Jan 2003Jan 2002Jan 2001Jan 2000

Estimates of the Cost of Federal Credit Programs
The federal government supports some private activities by providing credit assistance to individuals and businesses. CBO estimates the lifetime costs that are projected to be incurred by those federal credit programs, showing two kinds of estimates: estimates that were created by following procedures prescribed by the Federal Credit Reform Act of 1990 (FCRA), most of which were produced by other agencies; and estimates newly produced by CBO that account for the market value of the government’s obligations, which are called fair-value estimates. A primer about how CBO produces fair-value estimates explains how differences between the FCRA and fair-value approaches affect estimates of the cost of federal credit programs.
Aug 2024Aug 2023Jun 2022Oct 2021Apr 2020May 2019Jun 2018May 2014Jun 2012

Federal Debt and the Statutory Limit
The debt limit—commonly referred to as the debt ceiling—is the maximum amount of debt that the Department of the Treasury can issue to the public and to other federal agencies. That amount is set by law and has been increased over the years in order to finance the government’s operations.
May 2023Feb 2023Nov 2021Sep 2021Jul 2021Mar 2020Feb 2019Jan 2018Nov 2017Jun 2017Mar 2017Oct 2015Aug 2015Mar 2015Nov 2013Sep 2013Jun 2013Nov 2012

Federal Mandatory Spending for Means-Tested ProgramsJun 2019Jun 2018Feb 2017Feb 2016Mar 2015

Federal Receipts and Expenditures in the National Income and Product Accounts
CBO each year produces projections of the federal receipts and expenditures in the national income and product accounts (NIPAs), which are produced by the Department of Commerce’s Bureau of Economic Analysis.
Sep 2023Aug 2022Nov 2021Jul 2019Jul 2018Sep 2017Sep 2016Sep 2015Aug 2014May 2013May 2012Feb 2011Oct 2010May 2010Jun 2009Sep 2008Aug 2007Jan 2007Sep 2006Sep 2005

Federal Subsidies for Health InsuranceSep 2023Jun 2022Sep 2020May 2019May 2018Sep 2017Mar 2016

How Changes in Revenues and Outlays Would Affect Debt Service, Deficits, and DebtFeb 2024Feb 2023Jun 2022Feb 2021Oct 2020

Long-Term Budget Outlook
CBO provides the Congress with budget projections beyond the standard 10-year budget window. Those projections, which starting in 2016 focus primarily on the coming 30 years (previously they focused on the next 25 years), show the effects of demographic trends, economic developments, and rising health care costs on federal spending, revenues, and deficits. The assumptions about federal spending and revenue policies used for the long-term budget projections match those underlying the agency’s 10-year baseline for the first decade and are extended in a similar way to later years. The report also shows the long-term budgetary and economic effects of some alternative policies.
Mar 2024Jun 2023Jul 2022Mar 2021Sep 2020Jun 2019Jun 2018Mar 2017Jul 2016Jun 2015Jul 2014Sep 2013Jun 2012Jun 2011Jun 2010Jun 2009Dec 2007Dec 2005Dec 2003Oct 2000

Long-Term Projections for Social Security
CBO publishes long-term projections for Social Security in the Long-Term Budget Outlook and then provides additional information on those projections in subsequent, separate reports.
Aug 2024Jun 2023Dec 2022Jul 2021Dec 2020Sep 2019Sep 2018Oct 2017Dec 2016Dec 2015Dec 2014Dec 2013Oct 2012Aug 2011Oct 2010Aug 2009Aug 2008Jun 2006Mar 2005

Monthly Budget Review
Each month, CBO issues an analysis of federal spending and revenues for the previous month and the fiscal year to date. Those *Monthly Budget Reviews*, which are based on information from the Treasury Department, provide information on the monthly status of outlays, receipts, and the deficit or surplus.
Sep 2024Aug 2024Jul 2024Jun 2024May 2024Apr 2024Mar 2024Feb 2024Jan 2024Dec 2023Nov 2023Oct 2023Sep 2023Aug 2023Jul 2023Jun 2023May 2023Apr 2023Mar 2023Feb 2023Jan 2023Dec 2022Nov 2022Oct 2022Sep 2022Aug 2022Jul 2022Jun 2022May 2022Apr 2022Mar 2022Feb 2022Jan 2022Dec 2021Nov 2021Oct 2021Sep 2021Aug 2021Jul 2021Jun 2021May 2021Apr 2021Mar 2021Feb 2021Jan 2021Dec 2020Nov 2020Oct 2020Sep 2020Aug 2020Jul 2020Jun 2020May 2020Apr 2020Mar 2020Feb 2020Jan 2020Dec 2019Nov 2019Oct 2019Sep 2019Aug 2019Jul 2019Jun 2019May 2019Apr 2019Mar 2019Feb 2019Jan 2019Dec 2018Nov 2018Oct 2018Sep 2018Aug 2018Jul 2018Jun 2018May 2018Apr 2018Mar 2018Feb 2018Jan 2018Dec 2017Nov 2017Oct 2017Sep 2017Aug 2017Jul 2017Jun 2017May 2017Apr 2017Mar 2017Feb 2017Jan 2017Dec 2016Nov 2016Oct 2016Sep 2016Aug 2016Jul 2016Jun 2016May 2016Apr 2016Mar 2016Feb 2016Jan 2016Dec 2015Nov 2015Oct 2015Sep 2015Aug 2015Jul 2015Jun 2015May 2015Apr 2015Mar 2015Feb 2015Jan 2015Dec 2014Nov 2014Oct 2014Sep 2014Aug 2014Jul 2014Jun 2014May 2014Apr 2014Mar 2014Feb 2014Jan 2014Dec 2013Nov 2013Sep 2013Aug 2013Jul 2013Jun 2013May 2013Apr 2013Mar 2013Feb 2013Jan 2013

Sequestration
CBO is required to publish estimates of the caps on funding for discretionary programs for each fiscal year through 2025 and to report whether, according to those estimates, a sequestration (a cancellation of budgetary resources) would be required. However, the Administration’s Office of Management and Budget ultimately makes the determination of whether a sequestration is required based on its own estimates.
Aug 2024Apr 2024Aug 2023Aug 2021Jan 2021Aug 2020Jan 2020Aug 2019Feb 2019Aug 2018Apr 2018Aug 2017May 2017Aug 2016Dec 2015Aug 2015Jan 2015Aug 2014Jan 2014Aug 2013Mar 2013Aug 2012Jan 2012Aug 2011Dec 2002Aug 2002Feb 2002Jan 2002Aug 2001Jan 2001Dec 2000Aug 2000Feb 2000

Troubled Asset Relief Program
The Congress established the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. CBO regularly provides its estimate of the costs of the program and a comparison of that estimate to the preceding estimate from the Administration’s Office of Management and Budget.
Apr 2024Apr 2023May 2022Jul 2021Mar 2020Apr 2019Mar 2018Jun 2017Mar 2016Mar 2015Apr 2014May 2013Oct 2012Mar 2012Dec 2011Mar 2011Nov 2010Mar 2010

Workbook for How Changes in Economic Conditions Might Affect the Federal BudgetApr 2024Apr 2024Mar 2023Jun 2022Jun 2021Feb 2020Jan 2019Jun 2018