The Navy’s shipyards have experienced significant delays in completing maintenance on submarines. In this report, CBO projects that required maintenance will continue to exceed the shipyards’ capacity and examines options to reduce delays.
March 2021
This report explains the details of two approaches to measuring the cost of government activities that involve financial risk, the qualitative differences between them, and their application to various activities and programs.
The federal budget deficit was $1,048 billion in the first five months of fiscal year 2021, CBO estimates—$423 billion more than the deficit recorded during the same period last year.
This document provides additional information about the baseline budget projections that CBO released on February 11, 2021.
CBO presents its projections of the federal budget for the next 30 years if current laws governing taxes and spending generally did not change. Growth in revenues would be outpaced by growth in spending, leading to rising deficits and debt.
CBO’s transparency efforts aim to promote a thorough understanding of its work, help people gauge how estimates might change if policies or circumstances differed, and enhance the credibility of its analyses and processes.