CBO forecasts that the 2017 Tax Act will increase the sum of budget deficits (debt) by $2.289 trillion over the 2018-2027 decade, or $1.891 trillion after macro-economic feedback. President Trump signed the Tax Cuts and Jobs Act into law in December 2017. These agencies have reported that the federal government is facing many important long-run financing challenges, primarily driven by an aging population, rising interest payments, and spending for healthcare programs like Medicare and Medicaid. These include the Government Accountability Office (GAO), the Congressional Budget Office (CBO), the Office of Management and Budget (OMB), and the Treasury Department. Several government agencies provide budget data and analysis. In addition, the president may request and the Congress may pass supplemental appropriations bills or emergency supplemental appropriations bills. Congress may also combine all or some appropriations bills into one omnibus reconciliation bill. A vetoed bill is sent back to Congress, which can pass it into law with a two-thirds majority in each legislative chamber. After Congress approves an appropriations bill, it is then sent to the President, who may either sign it into law or veto it. If Congress fails to pass an annual budget, then several appropriations bills must be passed as "stop gap" measures. Budget committees set spending limits for the House and Senate committees and for Appropriations subcommittees, which then approve individual appropriations bills to allocate funding to various federal programs. Congressional decisions are governed by rules and legislation regarding the federal budget process. However, Congress is the body required by law to pass appropriations annually and to submit funding bills passed by both houses to the President for signature. The fiscal year refers to the year in which it ends. The budget document often begins with the President's proposal to Congress recommending funding levels for the next fiscal year, beginning October 1 and ending on September 30 of the year following. CBO current law baseline as of May 2023, showing forecast of deficit and debt by year
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