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Under current law, CBO projects, Social Security’s trust funds, considered together, will be exhausted in 2029. In that case, benefits in 2030 would need to be reduced by 29 percent from the scheduled amounts.
- Report
The House Ways and Means Subcommittee on Social Security convened a hearing at which CBO’s Director testified on financial shortfalls projected for Social Security. This document provides CBO’s answers to questions submitted for the record.
- Report
CBO periodically issues a volume of options—this year’s installment presents 115—that would decrease federal spending or increase federal revenues over the next decade. The report is available both as a PDF and in a searchable format.
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The federal budget deficit was $179 billion for the first two months of fiscal year 2017, CBO estimates, $22 billion less than the one recorded during the same period last year.
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The Senate Budget Committee convened a hearing at which Director Keith Hall testified on CBO’s work since May 2015 and its plans for the future. This document provides CBO’s answers to questions submitted for the record.
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The House Ways and Means Subcommittee on Social Security convened a hearing at which CBO’s Director testified on financial shortfalls projected for Social Security. This document provides CBO’s answers to questions submitted for the record.
- Report
Canceling scheduled changes to overtime regulations before enactment would lower employers’ payroll and compliance costs and increase profits. The cancellation would also lower employees’ pay but increase real family income, CBO finds.
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In fiscal year 2016, which ended on September 30, the federal budget deficit totaled $587 billion—$148 billion more than the shortfall recorded in 2015. Measured as a share of the nation’s gross domestic product, the deficit increased to 3.2 percent in 2016, up from 2.5 percent in 2015.
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The House Budget Committee convened a hearing at which CBO testified about its estimates of the budgetary effects of CMMI’s activities. This document provides CBO’s answers to questions submitted for the record.
- Report
In this report, CBO analyzes a policy that would allow Fannie Mae and Freddie Mac to increase their capital by reducing their payments to the government and discusses the effects that it would have on the budget and the mortgage market.