FROM THE CONGRESSIONAL BUDGET OFFICE (CBO), MAY 1, 2026.
Presentation about work by Sheila Campbell, Jaeger Nelson, Eli Schrag, Heidi Williams, and Caleb Wroblewski at the NBER Entrepreneurship and Innovation Policy and the Economy Conference
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A Congressional Budget Office Report, March 19, 2026.
CBO estimates that the effects on direct spending and revenues of laws enacted in the first session of the 119th Congress will reduce outlays and decrease revenues from 2025 to 2034, which will increase the deficit by $3.5 trillion
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CBO Director Phillip Swagel testifies before the House Appropriations Committee’s Subcommittee on the Legislative Branch, March 18, 2026.
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Chairman Valadao, Ranking Member Espaillat, and Members of the Subcommittee, thank you for the opportunity to present the Congressional Budget Office’s budget request. CBO requests appropriations of $76.3 million for fiscal year 2027. Most of that amount—85 percent—would be for pay and benefits; 11.7 percent would be for information technology (IT); and 3.3 percent would be for training, expert consultant services, office supplies, and other items. The requested amount is an increase of $1.5 million, or 2 percent, above the funding provided for this fiscal year.
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.
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.
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.
Criminal Law Library Blog