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Increases in collections of individual income taxes and customs duties were partially offset by a decline in corporate tax receipts Cbo also prepares cost estimates and mandate statements for nearly all bills that are reported by congressional committees Numerous analytic studies provide more. Budget and economic data cbo regularly publishes data to accompany some of its key reports Cbo's budget and economic outlook, typically produced in january each year and updated in august, includes an economic forecast and projections of spending and revenues under current law—known as baseline projections—over the next 10 years. The federal budget deficit was $1.8 trillion in fiscal year 2025, cbo estimates, $8 billion less than the shortfall recorded during fiscal year 2024.
Lawmakers created the congressional budget office to help the congress play a stronger role in budget matters Cbo was established by the congressional budget act of 1974 (the budget act) to provide objective, nonpartisan information to support the congressional budget process and to help the congress make effective budget and economic policy. Projections at a glance the federal budget the deficit totals $1.6 trillion in fiscal year 2024, grows to $1.8 trillion in 2025, and then returns to $1.6 trillion by 2027 Thereafter, deficits steadily mount, reaching $2.6 trillion in 2034 Measured in relation to gross domestic product (gdp), the deficit amounts to 5.6 percent in 2024, grows to 6.1 percent in 2025, and then shrinks to 5.2. The budget and economic outlook
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