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The Latest Breaking News from CBO

U.S. Will Add $18.8 Trillion in New Debt by 2033

Plus: Age verification for social media, a bill to ban cannabis "gatherings," and more...

Reason

First Thing: US could default this summer unless $31.4tn debt ceiling raised

Historic federal debt default could occur before July, cautions non-partisan agency. Plus, whatever happened to middle age?

The Guardian - UK

Government will hit debt limit as soon as July, CBO says

WASHINGTON — The federal government will run out of cash to pay all its bills sometime between July and September unless the statutory debt limit is lifted, the Congressional Budget Office warned Wednesday.

Tribune News Service

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CBO: Debt limit to hit as soon as July, budget picture worsens - Roll Call

The federal government could run out of cash to pay all its bills sometime between July and September unless the debt limit is lifted.

Roll Call

The State of Our Union Sucks

The bipartisan (if shouty!) embrace of big-government nationalism ensures our populist moment won't end any time soon.

Reason

Millennials and Gen Z won't have enough kids to sustain America's population—and it's up to immigrants to make up the baby shortfall

Immigrants will make up for the lag in new births in the U.S. in the coming decades, a recent government report predicts.

Fortune

Whatever the Fate of the Fair Tax Act, Congress Should Still Abolish the IRS

Getting rid of the much-despised tax agency would be a good idea. It’s unlikely to happen anytime soon.

Reason

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Prolific booze and meat thief 'caused misery' to shop owners in town

Nicola Gregory appeared before a court last month

Manchester Evening News

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

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

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Reason

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

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.

The Independent UK

Biden slashes back student loan relief plan as Republican launch lawsuits

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

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Tribune News Service

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.

Reason

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.

WEKU

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.

Tribune News Service

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.

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.

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