Budget Projections

The federal budget deficit totaled $1.8 trillion in Fiscal Year (FY) 2025, based on estimates from the Congressional Budget Office (CBO), roughly...

The White House Office of Management and Budget (OMB) recently released its Mid-Session Review (MSR) for the President’s Fiscal Year (FY) 2026 budget...

It would take roughly $7.5 trillion of deficit reduction over the next decade to bring the deficit down to 3 percent of GDP by 2035, and $9 trillion...

The enactment of the One Big Beautiful Bill Act (OBBBA), new tariffs framework, and other changes have meaningfully changed the fiscal outlook since...

A new report from the Congressional Budget Office (CBO) finds rising debt will slow economic growth and result in lower incomes than they would be...

The Congressional Budget Office (CBO) released its first comprehensive estimate of the House’s Fiscal Year (FY) 2025 reconciliation bill – the One Big...

Interest costs are projected to approach $1 trillion this year, nearly triple 2020 levels. In light of current interest rates and the ongoing...

The House is continuing to mark up its reconciliation legislation, which we estimate would add $3.3 trillion to the debt including interest or $5.2...

The House Ways & Means Committee is set to mark up its title of the Fiscal Year (FY) 2025 reconciliation bill on Tuesday. The Joint Committee on...

Update (5/10/2025): This piece was published prior to the Joint Committee on Taxation's revenue estimate , which totals $4.9 trillion for the bill as...

Policymakers are considering an extension of expiring parts of the Tax Cuts and Jobs Act (TCJA) as part of a reconciliation bill, which could reduce...