Happy 35th Birthday CBO!!!

According to CBO Director Doug Elmendorf:

CBO is celebrating its 35th birthday! The agency was created by the Congressional Budget and Impoundment Control Act of 1974 (P.L. 93-344) and officially opened for business on February 24, 1975, when [CRFB Board Member] Alice Rivlin became its first director.

Since then, under eight different directors*, the agency has provided the Congress with objective, non-partisan budget and economic information on a wide variety of issues. I am delighted to have the privilege of leading such a superb organization and the opportunity to work with such a skilled and dedicated staff. CBO looks forward to many more years of serving the Congress as it grapples with the important issues facing the nation.

*CRFB's board includes six of CBO's eight directors: Alice Rivlin, Rudy Penner, Robert Reischauer, June E. O'Neill, Dan Crippen, and Doug Holtz-Eakin. The remaining two are currently holding public office, as the heads of the OMB (Peter Orszag) and CBO (Doug Elmendorf).

From our entire board and staff, we'd like to wish CBO a very happy birthday.

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Student Loans Cost $340 Billion More than Expected

Based in part on new data from the Congressional Budget Office, this piece shows: The estimated federal cost of student loans issued between 2015 and 2024 has increased by $340 billion – from a projected gain of $135 billion in the 2014 baseline to an expected loss of $205 billion in the 2024 baseline. Much of the cost increase can be explained by the expansion and increased enrollment in income-driven repayment (IDR). In forward projections, graduate school loans are now nearly as subsidized as undergraduate loans and make up half of the cost of newly issued student loans. Reforming graduate loans to be cost-neutral would generate over $100 billion in deficit reduction over the next decade.

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