Today, the Concord Coalition and Next 10 released a new budget simulator that allows participants to choose for themselves how to reduce our unsustainable budget deficit. The simulator presents a wide range of options on both the spending and revenue sides, and calculates with interest what the budget deficit or surplus would be over the next 10 years.
Naturally, when a new budget projection is released, as CBO's updated baseline was yesterday, a good question to ask is: what happened? It is interesting to see how the budget projections change as time unfolds and CBO incorporates new data. As is often the case, the answer boils down to mostly economic and technical revisions to health care, interest spending, and revenue.
CRFB has just released a new analysis of CBO's updated Budget and Economic Outlook. The CBO updates its baseline every year in January, March, and August to account for changes in its forcasting of the Current Law and Alternate Fiscal Scenario (AFS) baselines. Below is the current law projection for each baseline that CBO has produced this year.
The Congressional Budget Office has just updated its Economic and Budget Outlook. We will be releasing a paper on changes to CBO's projections from March, as well as updating CRFB's Realistic Baseline to account for any adjustments. In the meantime, CBO has provided a fantastic infographic on the fiscal cliff:
CBO's Monthly Budget Review for July lays out how the first ten months of this fiscal year compared to last year. The FY 2012 deficit so far totals $975 billion, $125 billion lower than the $1.1 trillion at this point last year. The lower deficit is the result of revenue being $114 billion higher and spending actually being $11 billion lower.
The Urban Institute held an event today (video here) on children and the federal budget, which involved CRFB Senior Policy Director Marc Goldwein and board members Eugene Steuerle and Dan Crippen. The centerpiece of the event was Urban's newest "Kids' Share" report and what it means for policies related to children going forward.
Today, CBO has released yearly estimates of the long-term budget projections for the Department of Defense. The DoD provides a plan to Congress called the Future Years Defense Program (FYDP), in which DoD lays out its plans and the needed appropriations for the next five years. CBO uses this report to project future defense spending through 2030, using their own assumptions for variables like health care costs and weapons system prices that affect the defense budget.