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- Report
Significant tax increases and spending cuts are slated to take effect in January 2013, sharply reducing the federal budget deficit and causing, by CBO’s estimates, a decline in economic output and an increase in unemployment.
- Blog Post
In fiscal year 2012, the federal budget deficit surpassed $1 trillion for the fourth year in a row. If lawmakers maintained current policies by preventing most of the tax increases and spending cuts that are scheduled to occur in January, deficits would total almost $10 trillion over the next decade. Federal debt held by the public would increase from nearly 73 percent of gross domestic product (GDP) at the end of 2012 to 90 percent of GDP 10 years from now.
- Report
Are fiscal rules a useful tool for achieving budgetary goals? View the appendix of this report to learn more.
- Cost Estimate
As passed by the Senate on September 22, 2012 S. 3341 would require the Department of State, in consultation with various other agencies, to conduct a comprehensive review of the diplomacy and development policies of the United States every four years. The Quadrennial Diplomacy and Development Review (QDDR) would include assessments, recommendations, and priorities for the diplomacy and development policy of the Department of State and the U.S. Agency for International Development (USAID).
- Cost Estimate
As ordered reported by the House Committee on Energy and Commerce on September 20, 2012
- Cost Estimate
As ordered reported by the Senate Committee on the Judiciary on September 20, 2012
- Report
The budget deficit was about $1.1 trillion in fiscal year 2012. That is about $200 billion smaller than in 2011, but still ranks as the fourth-largest deficit as a share of GDP since WWII.
- Blog Post
Last month, the Treasury Department reported that the federal government incurred a budget deficit of $1.1 trillion for fiscal year 2012—$207 billion less than that in 2011. Fiscal year 2012 marks the fourth consecutive year with a deficit above $1.0 trillion. As a share of the nation’s gross domestic product (GDP), the deficit declined—from 8.7 percent in 2011 to 7.0 percent in 2012—but it was still the fourth highest as a share of GDP since 1946.
- Working Paper
The U.S. Army plans to spend about an additional $34 billion in 2013 dollars to develop and purchase a new armored vehicle for its infantry, the Ground Combat Vehicle.
- Working Paper
Taxation of Owner-Occupied and Rental Housing