Outlook for the Budget and the Economy
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Answers to Questions for the Record Following a Hearing on the Budget and Economic Outlook for 2014 to 2024 Conducted by the Senate Committee on the Budget
In February, the Senate Budget Committee convened a hearing at which CBO testified about the budget and economic outlook. Some members of the committee submitted further questions for the record, and this document provides CBO's answers.
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Updated Budget Projections: 2014 to 2024
The deficit will decrease to $492 billion in 2014, CBO projects. But under current law, deficits will begin rising again in 2016—and by 2024, debt will reach 78 percent of GDP, twice the average of the past 40 years.
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Updated Estimates of the Effects of the Insurance Coverage Provisions of the Affordable Care Act, April 2014
CBO and JCT have lowered their estimates of the net federal cost of the ACA’s insurance coverage provisions—to $1.4 trillion over the next decade, about $100 billion less than estimated in February.
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Revisions to CBO's Projection of Potential Output Since 2007
CBO examines the change in its projections of potential output for the year 2017: The estimate for that year that CBO prepared in February 2014 is about 7 percent lower than what it projected in January 2007.
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Testimony on the Budget and Economic Outlook: 2014 to 2024
Testimony by Douglas W. Elmendorf, Director, before the Committee on the Budget, United States Senate.
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Capping War-Related Spending
Questions for the Record from Chairman Ryan following Director Elmendorf's testimony on the Budget and Economic Outlook, February 5, 2014
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Testimony on the Budget and Economic Outlook: 2014 to 2024
Testimony by Douglas W. Elmendorf, Director, before the Committee on the Budget, U.S. House of Representatives.
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The Budget and Economic Outlook: 2014 to 2024
Under current law, deficits will drop through 2015 but rise thereafter, boosting the already high federal debt, CBO projects. Economic growth will be solid in the near term, but unemployment will not drop below 6.0 percent until 2017.
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The Slow Recovery of the Labor Market
Since the recession ended in June 2009, employment has risen sluggishly and the unemployment rate has fallen only partway back to its prerecession level. This CBO report discusses the reasons for the slow recovery of the labor market.
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Choices for Deficit Reduction: An Update
Federal debt is projected to rise significantly over the long term. What policy changes could reduce future deficits and thus lower the trajectory of federal debt? What criteria might be used to evaluate those policy changes?