Federal Government Spending Exceeds CBO Projection by Record Amount

Craig Bannister, MRCTV.org

The federal government spent so much more than the Congressional Budget Office (CBO)

had expected in Fiscal Year 2023 that the CBO’s projection set a record for inaccuracy, the agency reports in a new analysis. As a result of the underestimation of spending and the overestimation of revenue, “CBO’s deficit projection of $1.0 trillion for 2023 was $1.0 trillion less than the actual amount.” However, the size of the errors wasn’t just “larger than the average” – some projections were so far off that they set records.