CBO released an estimate of the budgetary impacts of H.R. 1, the American Recovery and Reinvestment Act of 2009, as amended and passed by the House of Representatives on January 28. Over the 2009-2019 period, CBO estimates that enacting H.R. 1 would increase budget deficits by about $820 billion.
January 2009
After testifying yesterday at the House Budget Committee on the state of the economy and fiscal stimulus, this morning I testified before the Senate Budget Committee on another key aspect ofthe currenteconomic downturn--the ongoing crisis in thehousing and financial markets.
This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancial developments that have occurred since that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.
CBO has releaseda cost estimatefor H.R. 1, the American Recovery and Reinvestment Act of 2009, which was introduced today in the House of Representatives. A link to the full cost estimate can be found here.
Hello. I'm Doug Elmendorf, the new director of the Congressional Budget Office. I am honored to be appointed to this position and excited to be joining the talented and dedicated analysts here at CBO.
I want to begin by thanking Bob Sunshine, the deputy director of CBO, who has served as acting director since Peter Orszag resigned in November. Bob has earned the admiration and appreciation of everyone at CBO for his dedicated service over many years and his sure-handed leadership during the past two months.
CBO is required by law to report semiannually on OMB's assessment of expenditures under the Troubled Asset Relief Program (TARP). Today, CBO released the first of these reports. (For more on the TARP program, this blog post from October includes CBO's analysis of the financial rescue legislation).
Decisions made today about national defense-- whether they involve weapon systems, military compensation, or numbers of personnel-- can have long-lasting effects on the composition of the nation's armed forces and the budgetary resources needed to support them.
This morning CBO released the Budget and Economic Outlook: Fiscal Years 2009-2019. This volume is one of a series of reports on the state of the budget and the economy that the Congressional Budget Office (CBO) issues each year. Because economic and budgetary circumstances have changed significantly in recent months, this reportwas preparedand released several weeks earlier than usual to aid the new Congress in its deliberations.