In fiscal year 2014, which ended on September 30, the federal budget deficit totaled $483 billion—$197 billion less than the shortfall in 2013.

In certain reports and for some major pieces of legislation, CBO analyzes the short- and longer-term effects on the overall economy of changes in federal tax and spending policies. This report explains the methods that CBO uses.

As ordered reported by the House Committee on the Judiciary on September 10, 2014