How accurate are long-run budget projections? Q.How accurate are long-run budget projections? A.Long-run budget projections depend on assumptions about future economic, legislative, and demographic conditions. As a result, those projections are highly uncertain. Nonetheless, they provide useful information. Under a wide range of assumptions, those projections indicate the public debt will increase faster than economic growth in coming decades. Read more about How accurate are long-run budget projections?
How did the TCJA affect the federal budget outlook? Q.How did the TCJA affect the federal budget outlook? A.The Tax Cuts and Jobs Act cut taxes substantially from 2018 through 2025. The resulting deficits are adding $1 to $2 trillion to the federal debt, according to official estimates from before and shortly after enactment. The debt increase will be larger if some of TCJA’s temporary tax cuts are extended. Read more about How did the TCJA affect the federal budget outlook?
How is a budget resolution enforced? Q.How is a budget resolution enforced? A.Spending and revenue targets set in the annual budget resolution are enforced by points of order, which any member of Congress may raise against legislation inconsistent with those targets. Read more about How is a budget resolution enforced?