![]() ![]() Consists mainly of trust funds for railroad workers’ retirement, federal employees’ health and life insurance, the Superfund program, and various insurance programs for veterans.ĭ. The manner in which those payments would continue would depend on future legislation.Ĭ. However, in keeping with the rules in section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985, CBO’s baseline incorporates the assumption that scheduled payments will continue to be made in full after the trust fund has been exhausted, although there is no legal authority to make such payments. CBO projects that this trust fund will be exhausted during the 2020–2030 period. * = between -$500 million and $500 million.Ī. Negative numbers indicate that the trust fund transactions add to total budget deficits. ![]() The projections for deficits were revised upward in part because of the economic disruption stemming from the 2020 coronavirus pandemic, which reduced CBO’s estimates of payroll tax revenues. 5 That amount is $130 billion (or 6 percent) larger than the $2.2 trillion deficit that the agency estimated in January 2020. Over the 2021–2030 period, CBO projects a cumulative trust fund deficit of $2.3 trillion, on net. Spending from the trust funds is projected to exceed income by $18 billion in 2021, a deficit that grows to $502 billion by 2030 (see Table 2). 4 The change in CBO’s estimate was largely driven by an increase in payments made by the Unemployment Trust Fund as the number of beneficiaries increased. 3 That amount is $100 billion lower than the $57 billion surplus that the agency estimated in January, when it last published its baseline budget projections for the major trust funds. Consists mainly of trust funds for federal employees’ health and life insurance, the Superfund program, and various insurance programs for veterans.Īccording to the Congressional Budget Office’s current baseline budget projections, the balances held by federal trust funds will fall by $43 billion in fiscal year 2020. The Railroad Retirement and Survivors’ Improvement Act of 2001 established an entity, the National Railroad Retirement Investment Trust, that is allowed to invest in non-Treasury securities, such as stocks and corporate bonds.ĭ. Includes Civil Service Retirement, Foreign Service Retirement, and several smaller retirement funds.Ĭ. Because the manner in which those payments continued would depend on future legislation, the table shows zero rather than a cumulative negative balance in the trust fund after the exhaustion date.ī. ![]() In keeping with the rules in section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985, CBO’s baseline incorporates the assumption that scheduled payments will continue to be made in full after the trust fund has been exhausted, although there is no legal authority to make such payments. These balances are for the end of the fiscal year and include securities invested in Treasury holdings.Ī. ![]()
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