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Read. Follow. Verify.Congressional Budget Office Annual Economic and Budget Outlook Hearing
Record date · January 1, 2018
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What This Bill Does
The House Committee on the Budget held a hearing on April 12, 2018, to review the Congressional Budget Office's (CBO) annual report. The session focused on the CBO's economic projections, federal spending forecasts, and the impact of recent tax and spending legislation on the national deficit.
This hearing establishes the fiscal benchmark used by Congress to draft the federal , which dictates government spending levels and debt projections for the upcoming fiscal year.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
U.S. Taxpayers
The federal budget projections influence future government spending, tax policy, and national debt levels.
Congressional Budget Office
The agency is responsible for producing the economic and budget outlooks that guide congressional legislative processes.
Key Facts
- The hearing was held on April 12, 2018, in Washington, D.C.
- The CBO annual baseline report serves as the benchmark for determining federal funding levels and policy effects.
- The 2018 baseline release was delayed to account for the recently enacted tax reform law.
- The CBO report includes projections for federal spending, revenue, deficits, debt, and key economic indicators.
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- The Ranking Member noted that the CBO's short-term economic forecast is more optimistic than those of the Federal Reserve or private forecasters.
- The CBO projected that the federal deficit would reach $1 trillion two to three years earlier than previously estimated.
- The committee members discussed the impact of recent tax and spending legislation on current and long-term deficits.
Frequently Asked Questions
What is the 'CBO baseline'?
Why was the 2018 CBO report released later than usual?
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News Coverage
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Discoveries
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Accelerated Deficit Projections
The CBO updated its long-term forecast to show the deficit reaching $1 trillion several years earlier than previously anticipated, attributed in part to recent tax and spending legislation.
Connected Entities
Sources
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Analysis Score
0–100- Significance80How much this matters to a regular citizen
- Controversy60Intensity of disagreement among stakeholders
- Entertainment20Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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