Yesterday, the Congressional Budget Office released two analyses, a cost estimate and an economic analysis, of the Senate's immigration bill -- S.744, the Border Security, Economic Opportunity, and Immigration Modernization Act. The score is good news for immigration proponents, as CBO expects the bill would decrease deficits and boost economic growth.
The CBO released a paper today analyzing the distributional impact of major tax expenditures on the individual side of the tax code. Considering the tax reform efforts underway, the report is particularly timely as lawmakers take a look at the myraid of preferences in the law. The new analysis estimates that the 10 largest tax expenditures will cost the federal government $900 billion in revenue in fiscal year 2013 alone and $12 trillion from 2014-2023.
The revenue debate in DC is one that is often focused on the individual income tax system. But one option to raise revenue is to use new taxes that tax "economic bads," reducing the social costs while raising revenue. CBO explores one of these taxes, a carbon tax, in a recently released report.
Yesterday, the CBO released its latest estimate of the subsidy cost of the Troubled Asset Relief Program (TARP). The estimate serves as a demonstration of how little of TARP is still operating in a major fashion, as most of the cost has not changed since the last score in October 2012. The overall cost of TARP dropped from $24 billion (the previous estimate in October 2012).
As we have written before, the CBO recently released updated projections that show an improvement in the fiscal climate. Based on CRFB’s realistic baseline, the new data suggests that the debt will rise to 76 percent of GDP in 2023 as opposed to 79 percent.
Today, the Congressional Budget Office (CBO) released its analysis of President Obama’s FY 2014 budget request. CRFB has released a reaction to the score of the budget, praising the President for putting forward a deficit reduction offer that addresses the country's debt path, but warning that there would still need to be more done, particularly on entitlement spending.
Today, the Congressional Budget Office has released an update to its budget outlook from February. With little legislative changes since February, the budget outlook after a few technical revisions shows slightly lower debt levels compared to the previous baseline. However, debt remains on a clear, upward trajectory near the end of the decade, similar to the path in February's baseline.
Update: This blog has been updated to include numbers from the CBO score of the House farm bill.
Sometimes, the timing of things can really work out in Washington. Yesterday, President Obama nominated Rep. Mel Watt (D-NC) to be the head of the Federal Housing Finance Agency (FHFA), the agency in charge of Fannie Mae and Freddie Mac. If confirmed, he would replace current chief Ed DeMarco in a move that could signal a policy shift at the FHFA.