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The Latest Breaking News from CBO

Congress Can Reduce the Deficit by $7.7 Trillion in 10 Years

The Congressional Budget Office projects that future deficits will explode. But there's a way out.

Reason

Biden's Spending Spree Is Unprecedented

Instead of redirecting course, Biden is continuing Trump’s spending legacy.

Reason

$16b Total Assets of Oman’s Islamic Banking Sector

The total assets of Oman’s Islamic banking sector, including Islamic banks and windows operating in the sultanate, jumped by 9.1 percent year-on-year to reach at RO6.4 billion ($16.6 billion) by late September 2022. Oman’s Islamic banking assets now account for 16.2 percent of the country’s total banking system assets, according…

Asharq Al-Awsat

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With thousands of hungry troops, DOD urges limited income hikes - Roll Call

With thousands of troops having trouble paying for food, lawmakers are pushing the Pentagon for bigger, targeted pay increases.

Roll Call

Action taken after dogs recorded barking 1,600 times in 20 MINUTES in 'one of the worst cases of noise nuisance ever'

John Peter Laveric has been banned from keeping dogs

Manchester Evening News

Man banned from city centre after acts of aggression towards emergency services workers

"Royston’s behaviour within this zone has caused considerable harassment, alarm and distress"

Bristol Post

The Political Class Has Consistently Ignored Warnings of Fiscal Doom. Now Americans Are Paying the Price.

Warnings of inflation and rising interest rates have long been tied to high and rising debt levels.

Reason

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Here's Why Biden Is Wrong About the Deficit

His administration has expanded deficits by $400 billion more than expected, even before we count recent spending.

Reason

Throwing Money at the IRS Won't Fix Its Problems

Can the government turn $80 billion into $204 billion? Probably not.

Reason

Biden slashes back student loan relief plan as Republican launch lawsuits

Changes expected to affect some 770,000 borrowers, official said

The Independent UK

Editorial: Another $400 billion, but who will ever notice?

Democrats want to talk abortion, abortion, abortion, hoping intently that voters don’t notice the economy, the economy, the economy. But amid a steady torrent of bad economic news, the party faithful may be engaging in a mission of futility.

Tribune News Service

Biden's Student Loan Debt Forgiveness Plan Now Estimated To Cost $400 Billion

According to a new report for the Congressional Budget Office, student loan debt forgiveness will likely completely wipe out gains made by the Inflation Reduction Act—and then some.

Reason

Joe Biden's student loan forgiveness plan will cost $400 billion, budget office says

The cost of the White House's student loan forgiveness plan is an estimate over a 30-year period and will add to the country's deficit, the Congressional Budget Office said in a report.

WEKU

Cost of Biden's student debt relief plan exceeds $400 billion, CBO says

WASHINGTON — President Joe Biden’s decision to forgive some federal student debt will cost the U.S. Treasury at least $400 billion, the Congressional Budget Office estimated.

Tribune News Service

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The Independent UK

CBO: Biden's student debt plan would cost $400 billion

The Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 billion over the next 30 years

Roll Call

Ways and Means leaders working on lame-duck Social Security fix

A year-end package is being eyed to fix a provision that many say unfairly cuts benefits for public employees who have government pensions.

Tribune News Service

Yellen defends IRS cash infusion, plugs customer service plans

WASHINGTON — The IRS will use part of its new $80 billion influx of cash to fully staff in-person help centers, increase phone and online services and assemble a team of experts to guide the agency’s customer service efforts, Treasury Secretary Janet L. Yellen announced Thursday.

Roll Call

Yellen defends IRS cash infusion, plugs customer service plans - Roll Call

The IRS will use part of its new $80 billion influx of cash to fully staff in-person help centers and increase phone and online services.

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McClatchy Washington Bureau

Fact check: Will middle-class taxpayers really face an ‘army’ of IRS agents?

WASHINGTON — Look out, warn the Republicans. The Internal Revenue Service is about to unleash an army of agents eager to audit you and cost you a lot of money and aggravation.

Reason

Don't Believe the White House's Promises About Who the New IRS Will Audit

Media "fact-checkers" are taking administration promises at face value and using them to bludgeon Republicans.

The Independent UK

Inflation Reduction Act may have little impact on inflation

With inflation raging near its highest level in four decades, Congress is poised to approve President Joe Biden’s signature Inflation Reduction Act

Roll Call

Budget bill clears as Democrats seek to head off midterm losses - Roll Call

The House on Friday cleared a climate, health and tax package salvaging key parts of Democrats’ domestic agenda.

Tribune News Service

Fact check: Will 87,000 new IRS agents mean more audits for middle-class families and small businesses?

The Schumer-Manchin tax bill passed the Senate as part of the Inflation Reduction Act on Sunday. According to legislative documents, the bill will raise taxes and boost the IRS by an estimated $80 billion.

Tribune News Service

Sweeping budget package passes Senate; House will take up measure Friday

WASHINGTON — After a year of negotiations, impasses and political maneuvering, the Senate passed Democrats’ top domestic priority: an economic package that would pump hundreds of billions of dollars into clean energy programs, raise taxes on corporations and lower health care costs.

Roll Call

Sweeping budget package passes Senate; House on deck Friday - Roll Call

After a year of negotiations, impasses and political maneuvering, the Senate passed Democrats' top domestic priority.

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