Congressional Budget Office

September 19, 2026

The Future of Social Security: Understanding the 2026 Long Term Projections

Introduction

Social Security’s long term financial outlook has again moved to the forefront with the release of the Congressional Budget Office’s 2026 long term projections and the Social Security Trustees’ latest annual assessment. Although the reports differ in methodology and some of their estimates, they point to the same fundamental challenge: under current law, the gap between Social Security’s scheduled benefits and the revenues available to finance them is projected to persist and generally widen over the decades ahead. This article examines the findings of CBO and the Trustees, supplemented by analysis from J.P. Morgan Asset Management, with particular attention to the projected depletion of trust fund reserves, the distinction between scheduled and payable benefits, the demographic and economic forces contributing to the financing gap, and what these projections actually mean, and do not mean, for the future of Social Security.

CBO’s 2026 Long Term Projections for Social Security

August 29, 2026

Expired and Expiring Authorizations of Appropriations: 2026 Final Report

by David Badertscher

Congressional Budget Office (CBO) final report, August 28,2026.*

CBO reports annually on programs whose authorizations of appropriations have already expired or will expire. This report updates CBO’s preliminary report that was released on January 15, 2026.

SUMMARY:

August 11, 2026

H.R. 3087 Civil Rights Cold Case Archives Records Collection: From CBO

by David Badertscher

H.R. 3087, Civil Rights Cold Case Records Collection Reauthorization Act of 2026

Cost Estimate from the Congressional Budget Office (CBO), August 6, 2026.

Overview of Document:

July 27, 2026

CBO: S3733, A Bill to Authorize Certain Public Libraries to Collect and Retain a Fee for the execution of a Passport Application

by David Badertscher

From the Congressional Budget Office (CBO)

S. 3733, a bill to amend the Passport Act of June 4, 1920, to authorize certain public libraries to collect and retain a fee for the execution of a passport application as ordered reported by the Senate Committee on Foreign Relations on June 17, 2026. This bill would authorize the Department of State to restore the ability of nongovernmental public libraries to accept passport applications. The bill also would require the department to report to the Congress within 30 days of enactment on whether it has done so.

COST ESTIMATE,

June 14, 2026

Understanding Budget Reconciliation: How Congress Fast Tracks Major Fiscal Legislation

by David Badertscher

Budget reconciliation is a special congressional procedure created by the Congressional Budget Act of 1974 that allows Congress to consider legislation affecting federal spending, revenues (taxes), and the debt limit under expedited procedures. Most notably, reconciliation bills can pass the Senate with a simple majority vote rather than the 60 votes normally needed to overcome a filibuster. As a result, reconciliation has become one of the most important tools for enacting major fiscal policy changes. The following is an overview of the congressional budget reconciliation process and a discussion of its importance to librarians, researchers, and the general public.

What Is Reconciliation?

Reconciliation is designed to align existing laws with the fiscal goals established in a congressional budget resolution. It can be used to:

June 9, 2026

Upcoming Presentations by Staff and Affiliates of CBO’s Health Analysis Division

by David Badertscher

From: Congressional Budget Office (CBO), June 8, 2026.

By Chapin White, CBO’s Director of Health Analysis.

This week, several of my colleagues in the Congressional Budget Office’s Health Analysis Division are participating in sessions at the 15th Annual Conference of the American Society of Health Economists (ASHEcon) in Minneapolis. The sessions are part of CBO’s ongoing efforts to engage with the broader research community. Such engagement improves the quality of CBO’s analysis and makes the agency’s methods and findings more transparent and available. CBO looks forward to discussion and feedback on the following topics.

May 13, 2026

CBO: Potential Costs of a National Missile Defense System

by David Badertscher

Congressional Budget Office (CBO) Report, May 12, 2026.*

CBO estimates that a national missile defense system possessing capabilities broadly consistent with those in the “The Iron Dome for America” executive order would cost about $1.2 trillion to develop, deploy, and operate for 20 years.

SUMMARY:

May 12, 2026

CBO’s Baseline Projections of Federal Subsidies for Health Insurance

by David Badertscher

A Congressional Budget Office (CBO) presentation by Phill Swagel, Sean Dunbar, Sarah Masi, and Sarah Sajewski on May 11, 2026

SUMMARY:

“This presentation describes CBO’s February 2026 projections of federal subsidies for health insurance, with a focus on Medicare, Medicaid, and premium tax credits. Projected enrollments in those and other programs are discussed, as are the factors that prompted changes to CBO’s projections since January 2025.”

March 20, 2026

Legislation Enacted in the First Session of the 119th Congress That Affects Mandatory Spending or Revenues

by David Badertscher

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

SUMMARY:

March 19, 2026

Testimony on the Congressional Budget Office’s Request for Appropriations for Fiscal Year 2027

by David Badertscher

CBO Director Phillip Swagel testifies before the House Appropriations Committee’s Subcommittee on the Legislative Branch, March 18, 2026.

SUMMARY:

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.