Under budgetary paths, but not particular policies, specified in the 2016 budget resolution conference report, total debt would be smaller than in CBO’s baseline. Economic output would be lower in the next few years but higher thereafter.

CBO has analyzed the effects on the economy stemming from a set of paths for federal revenues and noninterest spending specified by Chairman Mike Enzi of the Senate Budget Committee and how those macroeconomic effects in turn would affect the federal budget.

Under the President’s proposed budget for 2016, CBO estimates, the federal budget deficit would decline from $486 billion in 2015 to $384 billion in 2016, but then climb in subsequent years, reaching $801 billion in 2025. Federal debt held by the public would remain in the vicinity of 72...

Under current law, CBO estimates the deficit will total $486 billion in 2015, about the same as in 2014. However, because the nation’s output has increased, the projected deficit for 2015 represents a slightly lower percentage of GDP—2.7 percent. If current laws generally remain unchanged,...

CBO has analyzed the effects on the economy stemming from a set of paths for federal revenues and noninterest spending specified by Chairman Tom Price of the House Budget Committee and how those macroeconomic effects in turn would affect the federal budget.

The President's proposals would, relative to CBO's current-law baseline, boost deficits from 2014 through 2016 but reduce them from 2017 through 2024, CBO and JCT estimate. Deficits would total $6.6 trillion between 2015 and 2024, $1.0 trillion less than the cumulative deficit in CBO's baseline....

Under current law, the deficit will decrease to $492 billion in 2014, CBO projects, as revenues continue rebounding from their low in the recession. But beginning in 2016, deficits will rise again—largely because of an aging population, rising health care costs, an expansion of federal...

Loan guarantees made in the Federal Housing Administration's single-family mortgage program between 1992 and 2013 are now projected to generate small costs over their lifetimes rather than the significant savings that were recorded in the federal budget at the time the guarantees were made. That...

Because higher-income households receive a much greater share of the nation’s before-tax income and pay higher average federal tax rates on that income, they pay much more in federal taxes than lower-income households do. In 2011, households in the top quintile received 52 percent of...