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Transparency at CBO
CBO strives to be transparent in its work through various methods including testifying before Congress, publishing explanations of its analytical methods and models, releasing underlying data, analyzing past estimate accuracy, comparing current and previous estimates, characterizing uncertainty, creating visualizations, and conducting outreach. Being transparent has costs that must be weighed against the benefits of different transparency activities. In the coming year, CBO aims to publish more documentation of its models and estimates.
The 2020 Budget and Economic Outlook
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Inflation-adjusted GDP is projected to grow by 2.2 percent this year, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output in 2020 to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. CBO projects that continued strength in the demand for labor will keep the unemployment rate low and drive employment and wages higher. Then over the coming decade, the economy is projected to expand at an average annual rate of 1.7 percent, roughly the same rate as its potential rate of growth.
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Federal debt is already large, and budget deficits over the next decade and beyond are projected to keep pushing it up in relation to the size of the economy. Eventually, debt as a share of economic output would reach its highest level in our nation’s history.
The 2020 Budget and Economic Outlook
CBO estimates that the federal budget deficit in 2020 will be $1.0 trillion, or 4.6 percent of gross domestic product (GDP). It would increase to 5.4 percent of GDP in 2030 if current law did not change. In CBO’s projections, federal debt held by the public reaches $17.9 trillion at the end of 2020. That amount equals 81 percent of GDP—more than twice its average over the past 50 years. By 2030, debt is projected to reach $31.4 trillion, or 98 percent of GDP, a larger percentage than at any time since just after World War II. It would continue to grow after 2030, reaching 180 percent of GDP by 2050.
Inflation-adjusted GDP is projected to grow by 2.2 percent this year, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output in 2020 to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. CBO projects that continued strength in the demand for labor will keep the unemployment rate low and drive employment and wages higher. Then over the coming decade, the economy is projected to expand at an average annual rate of 1.7 percent, roughly the same rate as its potential rate of growth.
Congressional Proposals Related to a Lapse of Appropriations
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CBO strives to be transparent in its work through various methods including testifying before Congress, publishing explanations of its analytical methods and models, releasing underlying data, analyzing past estimate accuracy, comparing current and previous estimates, characterizing uncertainty, creating visualizations, and conducting outreach. Being transparent has costs that must be weighed against the benefits of different transparency activities. In the coming year, CBO aims to publish more documentation of its models and estimates.
The 2020 Budget and Economic Outlook
CBO estimates that the federal budget deficit in 2020 will be $1.0 trillion, or 4.6 percent of gross domestic product (GDP). It would increase to 5.4 percent of GDP in 2030 if current law did not change. In CBO’s projections, federal debt held by the public reaches $17.9 trillion at the end of 2020. That amount equals 81 percent of GDP—more than twice its average over the past 50 years. By 2030, debt is projected to reach $31.4 trillion, or 98 percent of GDP, a larger percentage than at any time since just after World War II. It would continue to grow after 2030, reaching 180 percent of GDP by 2050.
Inflation-adjusted GDP is projected to grow by 2.2 percent this year, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output in 2020 to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. CBO projects that continued strength in the demand for labor will keep the unemployment rate low and drive employment and wages higher. Then over the coming decade, the economy is projected to expand at an average annual rate of 1.7 percent, roughly the same rate as its potential rate of growth.
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Presentation by Keith Hall, CBO Director, at the 35th Annual NABE Economic Policy Conference.
Federal debt is already large, and budget deficits over the next decade and beyond are projected to keep pushing it up in relation to the size of the economy. Eventually, debt as a share of economic output would reach its highest level in our nation’s history.
The 2020 Budget and Economic Outlook
CBO estimates that the federal budget deficit in 2020 will be $1.0 trillion, or 4.6 percent of gross domestic product (GDP). It would increase to 5.4 percent of GDP in 2030 if current law did not change. In CBO’s projections, federal debt held by the public reaches $17.9 trillion at the end of 2020. That amount equals 81 percent of GDP—more than twice its average over the past 50 years. By 2030, debt is projected to reach $31.4 trillion, or 98 percent of GDP, a larger percentage than at any time since just after World War II. It would continue to grow after 2030, reaching 180 percent of GDP by 2050.
Inflation-adjusted GDP is projected to grow by 2.2 percent this year, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output in 2020 to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. CBO projects that continued strength in the demand for labor will keep the unemployment rate low and drive employment and wages higher. Then over the coming decade, the economy is projected to expand at an average annual rate of 1.7 percent, roughly the same rate as its potential rate of growth.
Congressional Proposals Related to a Lapse of Appropriations
This presentation highlights laws that have been enacted to address a lapse in appropriations, CBO’s cost estimates for some recently proposed legislation that would provide spending authority during such a lapse, and other proposals introduced in the 116th Congress that would provide spending authority when there is a lapse in appropriations.
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Congressional Proposals Related to a Lapse in Appropriations
Appropriation acts provide authority for federal programs or agencies to incur obligations and make payments. When appropriations lapse, the result is what is commonly called a government shutdown. This presentation briefly describes various legislative proposals related to a shutdown, such as a recently enacted law that pays furloughed federal workers once a shutdown ends and a proposed bill that would keep funding government operations at their current rate during a shutdown.
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What's the Long-Term Budget Outlook
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1) Several state attorneys general, led by New York's Schneiderman, oppose an HHS rule expanding religious exemptions to contraceptive coverage, arguing it violates civil rights laws and will burden states financially.
2) Republican governors met with Pence to express concerns over proposed NAFTA changes that could affect manufacturing jobs in their states.
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Who has borne the brunt of the crisis so far, and who has the Government helped the most? How much difference has policy made? And what comes next for household living standards, particularly for families on low-to-middle incomes?
The Resolution Foundation is hosting an interactive webinar to debate and answer these questions. It will begin by presenting the highlights from its annual Living Standards Audit that examines the impact of the crisis on household incomes, before hearing from leading experts – including Shadow Chancellor Anneliese Dodds – on what should be done to both safeguard and lift living standards in the next phase of the crisis. Viewers will be able to submit questions to the panel before and during the event.What's hot (20)
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2.2 Demonstrate the understanding of Programming Life Cycle
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Chapter 1 computer hardware and flow of information
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A why the health care initiative should matter to
- 1. Why the Health care initiative should matter to you. {I’m scared of Health care!! http://www.youtube.com/watch?v=nDHklw6PV3U&feature=related
- 2. Statistics from Mensa; December 2008
- 5. “Sure, but what about… It will raise taxes too high! It will cut my grandmas Medicare! What about the Death panels? It will lead to health care rationing and huge wait times for care!
- 6. The First Lie: President Obama wants to euthanize your grandmother. The Second Lie: President Obama wants to implement Soviet-style rationing. The Third Lie: Obama is secretly plotting to cut senior citizens' Medicare benefits The Fourth Lie: Obama's health care plan will bankrupt America
- 7. How will it be paid for? · Broaden Medicare tax base for high- income taxpayers: $210.2 billion · Annual fee on health insurance providers: $60 billion · 40% excise tax on health coverage in excess of $10,200/$27,500: $32 billion · Impose annual fee on manufacturers and importers of branded drugs: $27 billion · Impose 2.3% excise tax on manufacturers and importers of certain medical devices: $20 billion · Raise 7.5% Adjusted Gross Income floor on medical expenses deduction to 10%: $15.2 billion Original budget estimates included a provision to require information reporting on payments to corporations by health insurance and drug manufacturers, which had been projected to raise $17 billion, but the provision was repealed.
- 8. Your health and medical care is not a game Stop the corporate raiders from making us pawns in their profit schemes!