Jan 17, 2025 · The Congressional Budget Act of 1974 requires CBO to produce an annual report on federal spending, revenues, and deficits or surpluses. This document provides answers to questions about how CBO prepares those baseline budget projections.

Data sources: Congressional Budget Office; Department of the Treasury; Office of Management and Budget FY = fiscal year; n.a. = not applicable. Receipts recorded from payroll (social insurance) taxes, the second-largest revenue source, rose by $95 billion (or 6 percent), remaining at 5.9 percent of GDP and close to the 6.0 percent average for ...

Jan 17, 2025 · a. Factors not included in budget totals that affect the government’s need to borrow from the public. Those factors include changes in the government’s cash balances and cash flows associated with federal credit programs, such as those related to student loans. Only the subsidy costs of those programs are reflected in the budget deficit. b.

Mar 5, 2024 · The federal deficit in 2023 was $1.7 trillion, equal to 6.3 percent of gross domestic product.

Jan 17, 2025 · The budget projections are based on CBO’s economic forecast, which reflects developments in the economy as of December 4, 2024. They also incorporate legislation enacted through January 6, 2025. The Budget Outlook Deficits. In CBO’s projections, the federal budget deficit in fiscal year 2025 is $1.9 trillion.

budget authority provided can be specific—such as when the Congress provides a set amount for a program or activity—or indefinite. For example, the federal crop insurance program uses indefinite budget authority to provide insurance products to farmers and ranchers at subsidized rates. Once budget authority has been provided for a given

Mar 5, 2024 · In the President’s 2025 budget request, total military compensation is $600 billion, including veterans' benefits. That amount represents an increase of 162 percent since 1980 (and 151 percent since 1999) after removing inflation’s effects.

The largest total increases under the President’s budget would be $9 billion (or 10 percent) for health programs activities, $6 billion (or 31 percent) for general government programs and activities (including $5 billion for real property activities executed by the General Services Administration, or GSA), and $5 billion for international ...

Generally, that reappropriated budget authority is for the originally stated purpose, but sometimes it can be used for a different purpose.. . . Cash Accounting, Accrual Accounting, and Fair-Value Accounting? Cash, accrual, and fair-value accounting are ways to estimate and record the cost of government activities in the federal budget. Those ...

The Treasury also pays interest on debt issued to trust funds and other government accounts, but such payments are intragovernmental transactions that do not affect the budget deficit. In CBO’s projections, net interest outlays total $892 billion in 2024—surpassing discretionary outlays for defense this year—and rise to $1.7 trillion in ...