CBO
Report
An Update to the Budget Outlook: 2023 to 2033
May 12, 2023
CBO’s updated projections show a federal budget deficit of $1.5 trillion for 2023. That estimate is subject to considerable uncertainty, though, in part because of a recent shortfall in tax revenues.
Report
Federal Debt and the Statutory Limit, May 2023
May 12, 2023
CBO projects that if the debt limit remains unchanged, there is a significant risk that at some point in the first two weeks of June, the government will no longer be able to pay all of its obligations.
Cost Estimate
H.J. Res. 29, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the United States Fish and Wildlife Service relating to "Endangered and Threatened Wildlife and Plants; Lesse
May 12, 2023
As ordered reported by the House Committee on Natural Resources on April 28, 2023
Cost Estimate
H.R. 676, Coastal Communities Ocean Acidification Act of 2023
May 12, 2023
As passed by the House of Representatives on May 9, 2023
Cost Estimate
S. 1189, Recycling Infrastructure and Accessibility Act of 2023
May 12, 2023
S. 1189, Recycling Infrastructure and Accessibility Act of 2023
Cost Estimate
S. 70, Tribal Trust Land Homeownership Act of 2023
May 12, 2023
As ordered reported by the Senate Committee on Indian Affairs on February 15, 2023
Cost Estimate
H.R. 1153, Deterring America’s Technological Adversaries Act
May 11, 2023
As ordered reported by the House Committee on Foreign Affairs on March 1, 2023
Cost Estimate
H.R. 1496, National Weather Service Communications Improvement Act
May 11, 2023
As ordered reported by the House Committee on Science, Space, and Technology on March 29, 2023
Cost Estimate
H.R. 2494, POLICE Act of 2023
May 11, 2023
As ordered reported by the House Committee on the Judiciary on May 10, 2023
Cost Estimate
S. 111, Providing Accountability Through Transparency Act of 2023
May 11, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023
Cost Estimate
S. 396, Haiti Criminal Collusion Transparency Act of 2023
May 11, 2023
As reported by the Senate Committee on Foreign Relations on May 4, 2023
Cost Estimate
S. 780, Duplication Scoring Act of 2023
May 11, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023
Presentation
The Budget Outlook and Options for Reducing the Deficit
May 11, 2023
Presentation by Julie Topoleski, Director of CBO’s Labor, Income Security, and Long-Term Analysis Division, and Molly Saunders-Scott, analyst in CBO’s Tax Analysis Division, at the National Tax Association’s 53rd Annual Spring Symposium.
Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of May 15, 2023
May 10, 2023
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.
Cost Estimate
H.R. 1256, Veterans Health Administration Leadership Transformation Act
May 9, 2023
As ordered reported by the House Committee on Veterans’ Affairs on April 28, 2023
Cost Estimate
H.R. 2, Secure the Border Act of 2023
May 9, 2023
As posted by the House Committee on Rules on May 5, 2023 at https://rules.house.gov/bill/118/hr-2
Cost Estimate
H.R. 366, Korean American Vietnam Allies Long Overdue for Relief Act
May 9, 2023
As ordered reported by the House Committee on Veterans’ Affairs on April 28, 2023
Cost Estimate
H.R. 562, Improving Veterans Access to Congressional Services Act of 2023
May 9, 2023
As ordered reported by the House Committee on Veterans’ Affairs on April 28, 2023
Report
Trends in Corporate Economic Profits and Tax Payments, 1998 to 2017
May 9, 2023
Over recent decades, corporate economic profits have grown faster than the amounts that corporations pay in federal taxes. CBO examined the factors that explain why corporate tax payments have not grown with corporate economic profits.
Cost Estimate
H.R. 2789, American Cooperation with Our Neighbors Act
May 8, 2023
As ordered reported by the House Committee on Foreign Affairs on April 28, 2023
Report
Monthly Budget Review: April 2023
May 8, 2023
The federal budget deficit was $928 billion in the first seven months of fiscal year 2023, CBO estimates—$568 billion more than the shortfall recorded during the same period last year.
FAF
Financial Accounting Foundation Appoints Private Company Council Chair and Member
May 12, 2023
Financial Accounting Foundation Trustees Reappoint Michael Morrow as FASAC Chair
May 11, 2023
FASB
Financial Accounting Foundation Appoints Private Company Council Chair and Member
May 12, 2023
FASB Issues Proposal to Clarify Accounting Guidance Related to Profits Interest Awards
May 11, 2023
Financial Accounting Foundation Trustees Reappoint Michael Morrow as FASAC Chair
May 11, 2023
GAO
Lake Pontchartrain Basin:
Additional Transparency and Performance Management Could Improve EPA's Restoration Program
GAO-23-105547
Published:
Publicly Released:
Stormwater, sewage, and agricultural runoff have polluted waters of the Lake Pontchartrain Basin for decades. From 2002 to 2021, the Environmental Protection Agency awarded about $31 million for projects to help restore this basin by, for example, improving local sewer systems. EPA has a plan that describes restoration goals for this basin and projects that could help reach the goals. However, it doesn't have a...
340B Drug Discount Program:
Information about Hospitals That Received an Eligibility Exception as a Result of COVID-19 GAO-23-106095
Published:
Publicly Released:
The 340B Program allows certain hospitals to buy outpatient drugs at discounted prices. To be eligible for the program, hospitals generally must treat a minimum percentage of low-income Medicare and Medicaid patients. In 2022, Congress passed a law allowing hospitals to request an exception to this requirement if they were unable to meet it due to the COVID-19 pandemic. The Health Resources and Services Administration...
Bank Regulation:
Preliminary Review of Agency Actions Related to March 2023 Bank Failures
GAO-23-106834
Published:
Publicly Released:
This testimony discusses our review of the March 2023 bank failures of Silicon Valley Bank and Signature Bank. Risky business strategies, weak risk management practices, and weak liquidity drove the failures. Both banks grew rapidly from 2019-2021—which can signal risk. Further, the growth was fueled heavily by deposits that weren't federally insured. Federal regulators raised concerns about these risks with the banks but didn't take...
Coast Guard:
Recruitment and Retention Challenges Persist
GAO-23-106750
Published:
Publicly Released:
The Coast Guard protects more than 100,000 miles of U.S. coastline and waterways. But the service has reported that it needs more staff and has missed recruiting targets for the past four years. This testimony covers our work on the Coast Guard's recruitment and retention challenges. The service may miss key opportunities to tackle these issues unless it implements plans to address future workforce needs...
Public Health Preparedness:
Critical Need to Address Deficiencies in HHS's Leadership and Coordination of Emergencies
GAO-23-106829
Published:
Publicly Released:
The Department of Health and Human Services is responsible for leading and coordinating the federal government's preparedness for and response to public health emergencies. We testified about our work from over a decade, which identified persistent, systemic problems with HHS's performance in this role. The issue was added to our High Risk List in January 2022. These problems affected the nation's response to COVID-19 and...
Export Promotion:
Commerce Should Improve Workforce Planning and Management of Its Global Markets Unit GAO-23-105369
Published:
Publicly Released:
The Global Markets unit in the Commerce Department's International Trade Administration helps small- and medium-sized U.S. businesses enter and expand into international markets. We found that the Global Markets unit hasn't developed a comprehensive strategic workforce plan that covers all of its employees. Doing so would help focus priorities across the domestic and overseas workforces. In addition, the unit's human capital office has had vacancies...
Information Technology:
Agencies Need to Continue Addressing Critical Legacy Systems
GAO-23-106821
Published:
Publicly Released:
Each year, the U.S. government spends over $100 billion on information technology. Most of that will be used to operate and maintain existing systems, including aging—or "legacy"—systems. These systems can be costly to maintain and vulnerable to hackers. This testimony updates our work in this area. In 2019, we analyzed 65 federal legacy systems and identified the 10 most critical at 10 agencies. The agencies...
World Bank:
Borrower Countries' Contracts to Businesses in the U.S. and to Entities Potentially on U.S. Sanctions or Other Lists of Concern
GAO-23-105543
Published:
Publicly Released:
The World Bank provides financing to low and middle-income countries for things like infrastructure, social, and economic development projects. Countries use World Bank money to award contracts to businesses for the projects. Countries award an annual average of about $15 billion, and U.S. businesses got about 1% of these funds. In the past 6 years, when U.S. businesses bid, they won their bids about 70%...
Priority Open Recommendations:
Department of Education
GAO-23-106463
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Education outlines 6 open recommendations that it should prioritize. For example, one of these recommendations would help the Department of Education ensure that it's fully protecting the privacy of financial aid recipients...
Broadband:
A National Strategy Needed to Coordinate Fragmented, Overlapping Federal Programs
GAO-23-106818
Published:
Publicly Released:
Broadband internet has become critical for work, school, and other parts of daily life. The COVID-19 pandemic underscored the "digital divide" and the disadvantages people without access to broadband face. We testified about our work on the federal government's efforts to expand broadband access. The government has subsidized costs in underserved areas, largely through 25 programs dedicated to broadband access—administered by 7 agencies. But the...
Priority Open Recommendations:
National Aeronautics and Space Administration
GAO-23-106496
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to NASA outlines 9 open recommendations that it should prioritize. For example, we recommended that NASA create cost and schedule targets for some of the major systems required for upcoming Artemis lunar missions. NASA implemented 1...
Electronic Health Records:
Challenges with VA's New System Call for Management Improvements
GAO-23-106785
Published:
Publicly Released:
Veterans Affairs is in the process of replacing its IT system used to maintain veterans' health records—and has deployed its new system to a few locations. We testified that the new system has presented issues for some users. For example, many users said that they weren't adequately trained to use the new system. Users also said that the pharmacy-related part of the system contributed to...
The Nation's Fiscal Health:
Road Map Needed to Address Projected Unsustainable Debt Levels
GAO-23-106201
Published:
Publicly Released:
The federal government faces an unsustainable fiscal future. If policies don't change, debt will continue to grow faster than the economy. Our review of the nation's fiscal health found: Large annual budget deficits drive debt growth, as the government borrows to finance spending that exceeds revenue Interest costs rise and make up a larger share of total spending as overall debt and interest rates increase...
Federal Facilities:
Improved Oversight Needed for Security Recommendations
GAO-23-105649
Published:
Publicly Released:
The Department of Homeland Security is responsible for security at federal buildings and facilities. We previously reported that federal agencies don't implement many of DHS's Federal Protective Service recommendations for security improvements. When we followed up with agency representatives, they cited cost or feasibility concerns. DHS requires federal agencies to self-report some information about security recommendations. But because DHS does not verify this information, it...
IASB
May 2023 International Accounting Standards Board agenda and meeting papers now available
Meeting
12 May 2023
Join the staff—Strategic Affairs Director–Multilateral Development Banks (MDBs)
Careers
12 May 2023
Consultation to enhance the International Applicability of the SASB Standards now open
Consultation
11 May 2023
April 2023 IFRS Advisory Council meeting summary now available
Meeting
10 May 2023
Register for online workshop on impairment accounting review
Workshop
10 May 2023
Join the Staff—HR Assistant
Careers
10 May 2023
March 2023 Accounting Standards Advisory Forum meeting summary now available
Meeting
9 May 2023
IRS
IRS provides initial guidance for the domestic content bonus credit
IR-2023-102, May 12, 2023 — The Department of Treasury and the Internal Revenue Service today issued Notice 2023-38 for owners of green energy projects, such as wind, solar and energy storage technologies.
Improving nationwide access to IRS Appeals; public input wanted
IR-2023-101, May 11, 2023 — The Internal Revenue Service Independent Office of Appeals today invited public input on how best to improve access to Appeals for taxpayers who do not live near an Appeals office.
IRS offers tips on preparedness and how to protect personal information during natural disasters
IR-2023-100, May 10, 2023 — In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding taxpayers to protect important tax and financial information as part of a complete emergency preparedness plan.
Now Open: 2024 Low Income Taxpayer Clinic grant application
IR-2023-99, May 9, 2023 — The Internal Revenue Service today announced it will accept applications for Low Income Taxpayer Clinic (LITC) matching grants from all qualified organizations. The application period will run from May 8, 2023, to June 26, 2023. The funding and the period of performance for the grant will be Jan. 1, 2024, to Dec. 31, 2024.
IRS offers special Saturday face-to-face help May 13 at many Taxpayer Assistance Centers; people don’t need an appointment for special day
IR-2023-98, May 8, 2023 — Although the tax filing deadline has passed, some taxpayers may still need help with a tax concern or have questions about an IRS notice. To help, the IRS is opening many IRS Taxpayer Assistance Centers (TACs) across the nation during a special Saturday opening from 9 a.m. to 4 p.m. on May 13.
NYS
DFS Superintendent Adrienne A. Announces 4.6 Million in Settlements With Student Health Insurers, and $3.2 Million in Reimbursements to Students
May 11, 2023
Superintendent Adrienne A. Harris Releases Updated Guidance on Vetting Key Personnel For Entities Licensed Or Chartered Under New York Banking Law
May 9, 2023
PCAOB
PCAOB Releases 2022 Inspection Reports for Mainland China, Hong Kong Audit Firms
May 10, 2023
SEC
Dutch Medical Supplier Philips to Pay More Than $62 Million to Settle FCPA Charges
2023-92
Washington D.C., May 11, 2023 — The Securities and Exchange Commission today announced that Amsterdam-based Koninklijke Philips N.V. will pay more than $62 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) with respect to conduct related to its sales of medical diagnostic equipment in China.
SEC Charges HSBC and Scotia Capital with Widespread Recordkeeping Failures
2023-91
Washington D.C., May 11, 2023 — The Securities and Exchange Commission today charged HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. for widespread and longstanding failures by both firms and their employees to maintain and preserve electronic communications. To settle the charges, HSBC and Scotia acknowledged that their conduct violated recordkeeping provisions of the federal securities laws and agreed to pay penalties of $15 million and $7.5 million, respectively.
TIGTA
Actions Are Being Taken to Reduce Risks to Employees Whose Names Are Required to Be Included on Internal Revenue Service Correspondence
Report Number 2023-IE-R004
May 8, 2023
Disaster Recovery of Information Systems That Support Mission Essential Functions Needs Improvement
Report Number 2023-20-023
May 8, 2023