A new version of the Congressional Budget Office (CBO) report on the 2018 fiscal year was released on Monday.
The release follows a two-year delay in the agency’s release of the final CBO report, which was originally scheduled for March 31, 2019.
The report is the first full CBO analysis of the 2018 budget.
CBO Director Doug Elmendorf, who was tapped by President Trump in late 2019 to lead the agency, was asked about the report’s release on Monday and said it is important to “look at how things work in a real-world context.”
Elmendorf said the release of CBO’s report is a positive step in the process of getting to the right answer, and said he believes that we are in a “very good place.”
He said that there are “significant gaps in our understanding of what’s happening on Capitol Hill and beyond” that need to be addressed.
He added that the release is a “critical step in helping Congress move ahead and to get back to work.”
The new CBO report will help lawmakers and their staffs figure out what kind of policy decisions to make in order to fund the government in a way that makes the economy grow, while keeping the government funded, the report said.
Congressional Budget Office officials have said that the agency is currently estimating that the 2018 spending bill would bring in about $1.1 trillion in new revenue, but Elmendorff and other officials have disputed that estimate.
They said that instead of the $1 trillion figure, the CBO is estimating that Congress would have to raise taxes, raise spending, and cut spending in order for the deficit to fall by $1,400 billion in 2019 and $1