CBO Trys to Explain Why They Were a Trillion Off on Their Estimates of Income and Outlay
The CBO issued a report on January 31, 2024 explaining why they underestimated outlays by $564 billion and overestimated revenues by $477 billion.
They underestimated outlays by about $564 billion. They were able to identify about $455 billion of the miss as follows:
