Congress Fiscal Year 2024 Budget. Cbo's budget and economic outlook, typically produced in january each year and updated in august, includes an economic forecast and projections of spending and revenues under current law—known as. In exchange for temporary suspension of the debt limit, thereby avoiding a default, the bipartisan law created budget caps for fiscal years 2024 and 2025, split.

This “side deal” has been critical for increasing funding above the harsh spending caps imposed by the fiscal responsibility act of 2023, which limits spending. What an astounding figure, said maya macguineas,.