The Congressional Budget Office's long-term budget update was released today, and there are important updates from its previous projections relating to recent legislative changes. Guy will have more, but there are a few important things to remember: The CBO's forecasts rely heavily on economic models Any long-term forecast would be useless if there wasn't a sophisticated economic model behind it. If there's no knowledge of how the economy works, there can be no tax revenue projections, no spending estimates, and no budget estimates. To that end, the CBO projects a notable economic expansion in the next few years: And they...