Criminal Law Library BlogAugust 4, 2023.
As ordered Reported by the House Committee on Oversight and Accountability on July 12, 2023.
Summary:
Articles Posted in Legislative Information
CBO Blog Post: A Call for New Research In the Area of Taxes and Transfers
Originally posted by John McClellan et. al. on July 25, 2023.
As part of the legislative process, the Congressional Budget Office* supplies the Congress with cost estimates for legislation, economic and budget projections, and other economic assessments. Information from the research community is an important element of CBO’s analyses. This is the seventh in a series of blog posts discussing research that would enhance the quality of the information that CBO uses in its work. (Earlier posts in the series discussed the need for new research in the areas of energy and the environment, finance, health, labor, macroeconomics, and national security.) Please send comments to communications@cbo.gov. Since this CBO blog post is believed to contain information of general interest it is being reproduced here, in full, as an information service.
CBO regularly provides the Congress with information about the ways that the government’s tax and transfer system affects the distribution of household income (for example, CBO 2022). That analysis is built on the models and data underlying the agency’s baseline projections of revenues and spending (CBO 2023). CBO is on the lookout for new research that would enhance its analysis of taxes and transfers, including research related to distributional analysis and projections of revenues from business income. The agency is currently working on those topics, and there are significant gaps in the relevant research literature.
CB0 Blog Posting: Call For New Research in the Area of National Security
Original Posting by David Mosher et.al. on July 24, 2023*
As part of the legislative process, the Congressional Budget Office supplies the Congress with cost estimates for legislation, economic and budget projections, and other economic assessments. Information from the research community is an important element of CBO’s analyses. This is the sixth in a series of blog posts discussing research that would enhance the quality of the information that CBO uses in its work. (Earlier posts in the series discussed the need for new research in the areas of energy and the environment, finance, health, labor, and macroeconomics.) Please send comments to communications@cbo.gov.
The Department of Defense (DoD) received about $850 billion in funding in 2023. With those funds, DoD hires personnel (members of the military and civilian employees) and purchases a variety of goods and services from private-sector companies. Some of the purchased goods, such as aircraft carriers, fighter jets, and nuclear submarines, are highly complex weapon systems. CBO is on the lookout for new research on various topics related to DoD’s personnel and weapon systems, including the implications of the military’s use of in-kind compensation and the causes of, and future trends in, sector-specific inflation. CBO is currently working on those topics, and there are significant gaps in the relevant research literature.
CBO Blog Posting: A Call for New Research in the Area of Macroeconomics
Original posting by Richard DeKaser on the CBO Blog, July 21,2023.*
As part of the legislative process, the Congressional Budget Office supplies the Congress with cost estimates for legislation, economic and budget projections, and other economic assessments. Information from the research community is an important element of CBO’s analyses. This is the fifth in a series of blog posts discussing research that would enhance the quality of the information that CBO uses in its work. (Earlier posts in the series discussed the need for new research in the areas of energy and the environment, finance, health, and labor. Please send comments to communications@cbo.gov.
CBO regularly prepares forecasts of key economic variables, including output, income, employment, inflation, and interest rates. The agency also evaluates the macroeconomic effects of proposed or enacted legislation. CBO is on the lookout for new research on various topics in the area of macroeconomics, including trends in productivity growth and interest rates on Treasury securities, as well as the effects of fiscal policy on a broad range of economic variables. The agency is currently working on those topics, and there are significant gaps in the relevant research literature.
New From the Congressional Budget Office (CBO), July 21, 2023
The following is a list of CBO reports and other documents reflecting recent activity, received on July 21, 2023:
Congressional Budget Office: Projected Costs of U.S. Nuclear Forces, 2023 – 2032
Report, July 14, 2023
CBO estimates that plans for U.S. nuclear forces, as described in the fiscal year 2023 budget and supporting documents, would cost $756 billion over the 2023–2032 period, $122 billion more than CBO’s 2021 estimate for the 2021–2030 period.
Summary:
Congressional Budget Office: S.1464, Enhancing Department of Homeland Security Drug Seizures Act
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 17, 2023
This bill would:
• Authorize the Department of Homeland Security (DHS) to provide danger pay allowances to employees who
The State of the Economy of the United States: As Viewed by GAO and CBO
In an earlier posting, CBO Projections: The 2023 Budget, we provided Congressional Budget Office (CBO) documents which discuss, from a budgetary perspective, their analysis and projections of what the federal budget and economy would look like over the next 20 years, if current laws generally remain unchanged. In this posting we focus primarily on material provided by the U.S. Government Accountability Office (GAO) to provide more general dimension to this discussion. The Budget and Accounting Act of 1921 formed the then named General Accounting Office to investigate all matters related to the use of public funds. The Act also required GAO to report its findings to Congress and recommend ways to increase economy and efficiency in government spending. It is an independent, non-partisan agency that works for Congress.
Both the GAO and the CBO are partners in supporting Congress in its effort to ensure accountability to the American people. While both can be involved in the development and analysis of federal and defense budgets, sometimes collaborating in these initiatives, the GAO is also responsible for monitoring expenditures, including excessive spending, and issuing legal decisions on matters such as those related to disputes involving the awarding of government contracts, and has the power to investigate activities of the executive branch, although its enforcement powers are considered negligible.
Regarding The State of the Economy of the United States: As Viewed by GAO and CBO, there are indications from the various federal agencies reporting on these matters that over the long term the nation’s fiscal health may be in peril if current fiscal policies remain unchanged..
CBO Projections: The 2023 Long-Term Budget Outlook
Report June 28, 2023:
Introduction:
The U.S. faces a challenging fiscal outlook in the coming years, according to CBO’s projections. Measured as a percentage of GDP, large and sustained deficits lead to high and rising federal debt that exceeds any previously recorded level.
CBO: Estimated Budgetary Effects of HR. 3564, the Middle Class Borrower Protection Act of 1023
This posting contains additional information not included in my June 22,2023 posting: HR. 3564 Middle Class Borrower Protection Act of 2023.
As posted on the website of the House Committee on Rules on June 20, 2023