As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 31, 2024

The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.

The federal budget deficit totaled $710 billion in the first quarter of fiscal year 2025, the CBO estimates. That amount is $200 billion more than the deficit recorded during the same period last fiscal year.

In its May 2023 budget projections for fiscal year 2024, CBO underestimated revenues by 1 percent and outlays by 6 percent. CBO’s projection of the federal budget deficit for 2024 was less than the actual amount by 1.1 percent of GDP.

Presentation by Eric Labs, an analyst in CBO’s National Security Division, at the Bank of America Defense Outlook and Commercial Aerospace Forum 2025.

CBO examines how its method for analyzing the distribution of household income differs from the Census Bureau’s method for calculating the official poverty measure. The most important differences stem from what each method counts as income.

Learn more about CBO’s work and its processes in a publication that is typically updated at the start of each Congress.

Under the Navy’s 2025 shipbuilding plan, total shipbuilding costs would average about $40 billion per year (in 2024 dollars) through 2054, CBO estimates, as the Navy built a fleet of 390 battle force ships.