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The Latest Breaking News from CBO

Budget Deficit Hit $1.8 Trillion After Huge Increase in Borrowing Costs

Spending increased by 10 percent last year, while tax revenue increased by 11 percent. Interest payments on the debt shot up by 34 percent.

Reason

Harris announces plan for Medicare to cover long-term care at home

Policy proposal would represent significant expansion of public health insurance program for Americans above 65

The Guardian - US

CBO: Fiscal 2024 budget deficit was $1.8 trillion - Roll Call

The federal deficit clocked in at $1.8 trillion for fiscal 2024, according to the Congressional Budget Office.

Roll Call

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Over the past 30 years the U.S.'s top 1% got richer, and now hold nearly a third of the nation's wealth

Families in the bottom 50% of America's wealth ladder saw their control of the country's assets sit at 6% for the past 30 years.

Fortune

Congressional estimators find sharply lower revenue take from Harris tax plans - Roll Call

Nonpartisan analysts said Harris' plans are unlikely to generate the amount of revenue the Biden-Harris administration previously estimated.

Roll Call

Respected CBO staffer retires after nearly a half-century - Roll Call

One of the Congressional Budget Office’s longest-serving and most influential staffers, retired last week after 48 years on the job.

Roll Call

2 Million Social Security Recipients to Gain $360 Monthly? US Congress Prepares to Tackle WEP, GPO Benefit Cuts

House lawmakers in Washington have sufficient signatures on a discharge petition to force a vote on the Social Security Fairness Act, which would repeal laws that reduce Social Security benefits for certain pensioners.

International Business Times UK

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For Harris and Trump, runaway US debt is the elephant in the room

Both presidential candidates have unveiled costly proposals that would greatly add to the ballooning national debt.

Al Jazeera

'Persistent thief' banned from City of London after punching security guard and spitting at officer

Mohamad Ahmadpour punched a security guard and spat at an enforcement officer

Evening Standard

Congressional Budget Office Estimates Recent Increase in Immigration will Reduce the Budget Deficit

A new CBO report concludes it will save the federal government almost $1 trillion over the next ten years.

Reason

The easing of the labor market can be largely attributed to immigration spike, study finds

A study by the Federal Reserve Bank of San Francisco attributes one-fifth of the recent trend to higher immigration

Latin Times

How much of the federal budget is mandatory spending?

In fiscal year 2023, around 60% of federal spending was mandatory spending.

USAFacts

Larry Fink says America's $35 trillion national debt will be a 'big burden on the backs of our children' unless the private sector is given room to grow

"This is unheard of, it's at an unsustainable level, yet we have the most dynamic, capitalistic system in the world."

Fortune

Why Did Americans Stop Caring About the National Debt?

Both parties—and the voters—are to blame for the national debt fiasco.

Reason

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Latin Times

Immigration is projected to drive high economic growth in the U.S. over the next 10 years, analysis shows

Despite growing tensions, a new CBO report shows increased immigration will likely drive economic growth in the U.S. over the next 10 years

Fortune

The U.S. deficit is nearly as big a Russia's economy, and there's a 'vicious' feedback loop that could make it worse

The CBO's new estimate for the fiscal 2024 deficit is now $1.9 trillion, up from its prior view for $1.6 trillion issued in February and up from the 2023 deficit of about $1.7 trillion.

Reason

America Is in a Debt Crisis. Will Trump or Biden Address It at the Debate?

The candidate who grasps the gravity of this situation and proposes concrete steps to address it will demonstrate the leadership our nation now desperately needs. The stakes couldn't be higher.

Reason

Federal Budget Deficit Forecast Jumps $400 Billion, Fueled by Student Debt Forgiveness

The Congressional Budget Office reports the 2024 budget deficit will near $2 trillion.

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Fortune

Jamie Dimon believes U.S. public debt is the ‘most predictable crisis’ the economy faces—and yet in just 3 months America has added $2.1 trillion to its tab

Debt held by the public will rise from 99% of GDP this year to 122% by 2034—surpassing its previous high of 106% in 1946 at the end of the Second World War.

Roll Call

House Republicans shift message on extending 2017 tax cuts - Roll Call

Changing politics and growing debt have House Republicans rethinking strategy for the tax cuts expiration in 2025.

International Business Times

Fiscal Year 2024 Federal Budget Deficit Surges To $1.9 Trillion, CBO Projects

This adjustment represents a 27% rise in the deficit forecast, attributed to factors such as increased Medicaid spending, the fallout from the 2023 banking crises, and the passage of a $95 billion aid package for Ukraine, Israel, and the Indo-Pacific region in April.

Top News

Federal Budget Deficit To Reach Federal Budget Deficit To Reach Top News.9 Trillion This Year.9 Trillion This Year

CBO projects Federal Budget Deficit To Reach Top News.9 Trillion This Year.9 trillion deficit in 2024, trillion debt by 2034, highlighting fiscal challenges and need for solutions.

Roll Call

CBO: Deficits and inflation higher, but so is economic growth - Roll Call

The fiscal situation has worsened, with spending higher than expected and revenue lower, the Congressional Budget Office said.

Reason

The GOP Once Claimed To Be the Party of 'Fiscal Responsibility.' So Why Not Reform Social Security?

Reasonable options include gradually raising the minimum retirement age, adjusting benefits to reflect longer life expectancies, and implementing fair means-testing to ensure benefits flow where they're actually needed.

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