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.
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