FISCAL BLOG

Growth earlier in the year was spurred by appropriations enacted in early 2018 as well as by the Tax Cuts and Jobs Act (TCJA), though the stimulus effects of the latter are fading.

It may be counterintuitive, but government shutdowns are expensive. They are also bad for the economy.

The United States currently faces a range of complex challenges including deteriorating infrastructure, a changing climate, and an inadequate system of education.

Income levels for Americans vary across geography, race, and gender.

Spending on children is shrinking as a percent of GDP.

To account for the continuation of current policies, CBO also prepares what is known as an alternative fiscal scenario (AFS), which can be helpful for lawmakers and the general public in understanding a range of potential outcomes.

While Congress has not taken steps toward reining in our high and rising national debt, earlier this summer lawmakers did address a couple of pending fiscal items

As a share of the economy, the national debt is at its highest level since immediately after World War II. Annual deficits are approaching $1 trillion and they are projected to increase with no end in sight.

CBO projects that the deficit for 2019 will be $960 billion. That’s $63 billion (or 7 percent) above its estimate from just three months ago.

Many Americans, young and old, may be confused by the complex set of issues that comprise how the government raises revenues and allocates them.