The Cyclically Adjusted Budget Balance
Taking out the revenue associated with the illegal IEEPA tariffs, well… Figure 1: Federal budget balance excluding automatic stabilizers (blue), and excluding IEEPA tariffs (red), as a share of potential GDP.
Useful takeaways from this story.
Taking out the revenue associated with the illegal IEEPA tariffs, well… Figure 1:
Assumes amounts above Q1 tariff revenue is IEEPA related tariff revenue.
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The useful part
Taking out the revenue associated with the illegal IEEPA tariffs, well… Figure 1: Federal budget balance excluding automatic stabilizers (blue), and excluding IEEPA tariffs (red), as a share of potential GDP. Assumes amounts above Q1 tariff revenue is IEEPA related tariff revenue.
Details worth keeping
Assumes amounts above Q1 tariff revenue is IEEPA related tariff revenue. Source: CBO, Effect of Automatic Stabilizers (August 2025) and […]
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