Congressional Budget Office

March 7, 2026

Immigration Data and Immigration Policy: Insights From a New CBO Report

Overview of the CBO Report

Congressional Budget Office — Immigrant Earnings Assimilation, 1981–2021 (Report No. 62202, March 2026)

The report analyzes how immigrants’ earnings evolve after arriving in the United States and how closely their wages eventually approach those of U.S. born workers. Using several decades of census and survey data, the CBO examines the economic process known as “earnings assimilation”, the extent to which immigrants’ wages increase with time spent in the U.S. labor market.

February 28, 2026

H.R. 2675, Protecting Our Courts from Foreign Manipulation Act

by David Badertscher

As ordered by the House Committee on the Judiciary on November 20, 2025.

Cost estimate by the Congressional Budget Office (CBO) February 27, 2026:*

H.R. 2675 would make it unlawful for a foreign state or sovereign wealth fund to directly or indirectly fund a civil lawsuit in the United States in which it is not a named party. The changes would apply to both pending and future civil actions. The bill would increase disclosure and certification requirements on litigants in cases where foreign sponsors or entities have interests at stake. H.R. 2675 also would require the Attorney General to report annually to the Congress on activities involving foreign funding of third-party litigation.

January 31, 2026

Answers to Questions for the Record Following a Hearing on Oversight of CBO

by David Badertscher

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.

SUMMARY:

January 14, 2026

An Introduction to the Congressional Budget Office (CBO)

by David Badertscher

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.

SUMMARY:

January 13, 2026

CBO: Demographic Outlook, 2026 to 2056

by David Badertscher

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.

SUMMARY:

November 28, 2025

Congressional Budget Office (CBO) Update: Tariffs, Revenues and the Federal Defecit–What the Latest Numbers Show

by David Badertscher

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 20, 2025

Philip Swagel, CBO Director: Recent Speaking Engagements

by David Badertscher

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.

July 19, 2025

How Changes to Funding for the NIH and Changes in the FDA’s Review Times Would Affect the Development of New Drugs

by David Badertscher

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.

SUMMARY STATEMENT:

July 10, 2025

H.R. 1605 SOPRA

by David Badertscher

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

July 10, 2025

CBO Monthly Budget Review: June 2025

by David Badertscher

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.

SUMMARY: