This morning, CBO Director Doug Elmendorf released CBO's long-term outlook at the third public meeting of The National Commission on Fiscal Responsibility and Reform. The commissioners are also holding a public listening session right now. We will provide more information on the long-term outlook after it comes out.
Beginning at 9:30, you can watch the video here:
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.
CBO recently put out its quarterly estimate of the macroeconomic effects of the American Recovery and Reinvestment Act of 2009 (ARRA). They found that ARRA created about 680,000 full-time equivalent jobs in the first quarter. Since its passage in February 2009, ARRA has raised employment by anywhere from 1.2 million to 2.8 million, raised real GDP by anywhere from 1.7% to 4.2%, and lowered the unemployment rate by anywhere from 0.7% to 1.5%.
CBO and JCT have released updated cost estimates of the most recent version of the American Jobs and Closing Tax Loopholes Act (H.R. 4213), a bill that is scheduled to be brought to the House floor tomorrow. The bill would cost about $190 billion over the 2010-2020 period, only 30% of which would be paid for (meaning the bill will increase the deficit by $134 billion).
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.
Last week the Office of the Medicare Chief Actuary came out with their "Estimated Effects of the Patient Protection and Affordable Care Act," as amended by reconciliation. The document estimates the financial and coverage effects through FY 2019 of selected provisions of the recently passed health care reform bill. There has been some confusion regarding the Medicare Actuary's report and how it lines up next to Congressional Budget Office (CBO) estimates of the same bill, with many believing the Medicare Actuary projects greater costs than CBO.
A number of very interesting and relevant government reports came out this week. Check them out: