The deficit has fallen faster than we expected a few years ago, but the fundamental federal budgetary challenge remains.
Presentation by Doug Elmendorf, CBO Director, to the Macroeconomic Advisers’ Washington Policy Seminar
On an annualized basis, the funding provided by the continuing resolution would exceed the statutory caps by $19 billion. Defense funding would exceed its cap by about $20 billion; nondefense funding would be about $1 billion below its cap.
