CBO to release budget and economic outlook on Wednesday

The Congressional Budget Office on Wednesday morning will release its 2011 budget and economic outlook, which will help inform Republicans as they begin finalizing a budget for the remainder of FY 2011 and beyond.

House Republicans have indicated that they would try to pass a resolution next week that instructs House Budget Committee Chairman Paul Ryan (R-Wis.) to establish discretionary, non-security spending levels for the remainder of FY 2011 at 2008 levels or lower. To achieve that goal, Ryan will need CBO's report on how much money has been spent so far in FY 2011 (which began Oct. 1).

Once Ryan determines how much more the government can spend, the Appropriations Committee will draft a continuing resolution reflecting those numbers, and Republicans will put the CR up for a vote on the House floor.