Tag Archives: congressional budget office

A Congressional Budget Office (CBO) report has found that increasing the Internal Revenue Service’s (IRS) funding by $40 billion over the next decade could lead to a $63 billion decrease in deficit, Government Executive reported Thursday.

A new Congressional Budget Office report says the creation of a Space National Guard with approximately 1,500 personnel to support the U.S. Space Force would result in approximately $100 million in additional operations and support costs per year.

The Congressional Budget Office (CBO) said the U.S. is likely to see through fiscal year 2030 a reduction of approximately $7.9 trillion in nominal gross domestic product adjusted for inflation due to the coronavirus pandemic, CNBC reported Monday.

The Congressional Budget Office predicts that the Department of the Navy would spend around $380 billion for new aircraft over the next 30 years.

The Congressional Budget Office said the Department of Homeland Security's potential bug bounty program would require $44M to implement, Fedscoop reported Monday. A proposed bill, known as the Cybersecurity Vulnerability Remediation Act, would task DHS to gather bug information via a bounty program.

The Congressional Budget Office released a report stating that the Department of Defense’s projected $718B spending from 2020 to 2024 would increase to $776B or 13 percent by 2034. CBO assessed DoD’s Future Years Defense Program which includes the department’s projected costs for programs within a five-year period.

The Congressional Budget Office estimates that the federal government may spend up to $3 billion in taxpayer money and add $1.3 billion to the Pentagon’s annual budget to establish and run President Trump’s proposed Space Force. The figure comes from CBO’s newly-released analysis of the personnel requirements and costs of proposed military space organizations. Defense officials have said the Space Force would cost nearly $2 billion over the next five years and require $500 million annually to operate. 

Officials from the Congressional Budget Office said the proposed use of the Pentagon’s overseas contingency operations funds to avoid another defense budget cap might disrupt the agency's longer-term budget planning, Federal News Network reported Friday. Sen. Tim Kaine, D-Va., said OCO covers 73 percent of budget cap adjustments since 2013 and the 14 percent increase in the funding for the Department of Defense since 2012.

The Congressional Budget Office projects that the Pentagon’s 2019 Future Years Defense Program is leading to a significant increase in the agency’s base-budget costs into the early 2030's. In a report released Wednesday, CBO said the figure could increase from the agency’s request of $617B for 2019 to $735B in 2033. In April, the Department of Defense released the 2019 FYDP detailing the expectations about the planned costs from 2019 to 2023. 

The Congressional Budget Office has released a report that assesses the effects of the five-week partial government shutdown on the federal budget and economy. CBO estimates that the partial shutdown resulted in the delay of federal discretionary spending worth approximately $18B for the procurement of goods and services, compensation and other government services, according to the report.