A Report from the Congressional Budget Office, January 30, 2026.
The House Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO’s Director, testified about the agency’s work. This document provides CBO’s answers to questions submitted for the record after the hearing.
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A Congressional Budget Report, January 13, 2026.
Learn more about CBO’s work and its processes in a publication that is typically updated at the start of each Congress or a new session.
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Congressional Budget Office (CBO)* Report. January 7, 2026.
In CBO’s projections, the U.S. population grows from 349 million people in 2026 to 364 million in 2056, and the average age rises. Starting in 2030, annual deaths exceed annual births, and net immigration accounts for all population growth.
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An Update from the Congressional Budget Office. *
INTRODUCTION:
The Congressional Budget Office’s November 2025 update shows that rapidly changing tariff policies have significantly reshaped federal budget projections. As of mid November, the effective U.S. tariff rate is about 14 percentage points higher than a year earlier, and CBO now estimates that tariffs implemented in 2025 could reduce federal deficits by roughly $3.0 trillion over the next decade, including lower interest costs. The report explains why these estimates are smaller than earlier projections, highlights exemptions and policy shifts affecting major trading partners. It also underscores the considerable uncertainty surrounding the long term fiscal and economic effects of today’s unprecedented tariff levels.
September 11-18, 2025
Over the past week, Philip Swagel participated in several events where he highlighted Congressional Budget Office’s* role, discussed recent analyses, and engaged with audiences on topics ranging from tax policy to long-term fiscal challenges.
On September 11, he joined a breakfast discussion on tax policy hosted by a group of private-sector professionals, known as the “Behind the Tree” tax group.
From the Congressional Budget Office (CBO), July 18, 2025.
CBO was asked to assess the effects of a permanent 10 percent reduction in NIH funding and a nine-month increase in FDA review times of new drug applications.
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Congressional Budget Office (CBO) Cost Estimate July 9, 2025.
In the context of the US Congress, SOPRA refers to the Separation of Powers Restoration Act. It’s a legislative proposal aimed at amending the Administrative Procedure Act to change how courts review agency actions. Specifically, SOPRA seeks to eliminate the practice of “Chevron deference,” where courts defer to an agency’s interpretation of a law if it’s deemed reasonable, and instead require courts to review legal questions de novo, meaning without deference to the agency’s interpretation.
COST ESTIMATE LETTER JULY 9 2025
Report from the Congressional Budget Office (CBO): July 9, 2025.
The federal budget deficit totaled $1.3 trillion in the first nine months of fiscal year 2025, CBO estimates. That amount is $65 billion more than the deficit recorded during the same period last fiscal year.
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From the Congressional Budget Office. June 27, 2025.
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CBO provides information regarding the agency’s analysis of an amendment in the nature of a substitute to H.R. 1, the One Big Beautiful Bill Act, as posted on the website of the Senate Committee on the Budget on June 27, 2025 (https://tinyurl.com/2ejs4ut5).
In this June 18, 2025 Report, the Congressional Budget Office (CBO) provides information concerning outlays for the government’s major mandatory programs and tax credits that are primarily means-tested and provide assistance to people with relatively low income or few assets.
Summary:
House Budget Committee Chairman Arrington has asked CBO to provide information concerning outlays for the government’s major mandatory programs and tax credits that are primarily means-tested; that is, for programs and tax credits that provide cash payments or other forms of assistance to people with relatively low income or few assets.
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