CBO's Major Budget Reports

• The Budget and Economic Outlook, published in January, includes the agency's most comprehensive set of budget and economic projections.
• In August, CBO provided updated budget and economic projections. These are the agency's most recent projections.
• CBO also analyzed the budgetary and the economic impact of the President's budget proposals for 2013.
• In June, CBO released its Long-Term Budget Outlook, which examines the budget picture through 2037.

2012 Deficit: Smaller, But Still Big

The budget deficit was about $1.1 trillion in fiscal year 2012, CBO estimates. That is about $200 billion smaller than in 2011, but still ranks as the fourth-largest deficit since WWII.

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The 2012 Long-Term Projections for Social Security: Additional Information

Over the next 20 years, the population will age and spending on Social Security will increase from about 5 percent of GDP to about 6 percent. This report provides long-term projections of Social Security’s finances and the distribution of Social Security taxes and benefits. It expands on projections first published in The 2012 Long-Term Budget Outlook (June 2012).

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An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022

The federal budget deficit for fiscal year 2012 will total $1.1 trillion, CBO estimates. Federal debt held by the public will reach its highest level since 1950 by the end of this fiscal year.

• The economic recovery will continue at a modest pace for the remainder of calendar year 2012.
• The unemployment rate will stay above 8% for the rest of this year.

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Health Care Analyses

CBO released two reports related to the Affordable Care Act (ACA):

• One report presents updated projections of the budgetary effects of the coverage provisions of the ACA to reflect the Supreme Court's recent decision.
• The other report presents a cost estimate for the repeal of the ACA that passed the House of Representatives on July 11th.