Today, CRFB released its report on the long-term effects of the recent health care reform package (be sure to check it out!), based on information provided in CBO's Long Term Outlook. CBO's analysis reflects the relatively inconclusive results of health reform's true budget impact. While those on the right and the left have argued that the reform package will either substantially increase or decrease the U.S.
CBO issued its monthly review for June, finding that so far this year, the federal government has run a deficit of just over $1 trillion, $81 billion lower than over the same period last year. The drop in deficits is due to a decrease in outlays and a slight increase in revenues over last year.
CRFB just released its analysis of the long term outlook. The analysis noted that while the debt picture has improved somewhat under CBO's extended baseline scenario, there is still much work to be done to prevent debt from reaching unsustainable levels.
After much anticipation, the CBO has released its Long Term Budget Outlook, which gives the first glimpse at the long-term effects of the recently-enacted health care legislation. In the report, which was released at the third meeting of President Obama's fiscal commission, the extended-baseline scenario (current law) shows drastic improvement from last year's outlook, but the alternative scenario, which is composed of policies more likely to occur, shows a shocking amount of debt.
According to a new CBO report, automatic stabilizers added about $282 billion to the federal deficit last year and are projected to add $351 billion this year and $403 billion in 2011 before settling back down at $29 billion in 2014.
The U.S. Census Bureau came out with with a report this month on aging in the United States. Not to anyone's surprise, the report found that between now and 2050 we are projected to experience rapid growth among the older population. In fact, the number of Americans that will be aged 65 or older in 2050 is projected to double from what it is now (40.2 million in 2010).
The Congressional Budget Office (CBO) issued its Monthly Budget Review late last week. CBO reports that the federal government incurred a deficit of $800 billion for the first seven months of fiscal year 2010, about the same level as the deficit recorded for this same period last year.