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The Latest Breaking News from CBO

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.

Reason

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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

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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

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

The Independent UK

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.

Roll Call

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.

Tribune News Service

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.

Roll Call

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.

McClatchy Washington Bureau

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.

Reason

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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.

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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.

Roll Call

Debate begins on massive budget package; 'vote-a-rama' awaits - Roll Call

The Senate voted to begin considering Democrats’ climate, tax and health package on a party-line vote Saturday.

Tribune News Service

Wealthy Americans escape tax hikes in bill but will face beefed-up IRS

Wealthy Americans dodged getting hit by tax increases in the Democrats’ economic package, but they likely will face a much better-funded Internal Revenue Service equipped with new auditors and technology to uncover tax avoidance.

Tribune News Service

Democrats race to prep sweeping budget bill for weekend votes

WASHINGTON — The Senate is expected to begin consideration of Democrats’ climate, tax and health care package on Saturday, leaving about two days for the party to shore up support for the bill.

The Independent UK

Senate tees up vote on bill to aid vets exposed to burn pits

Legislation expanding health care and disability benefits for millions of veterans is nearing passage in Congress

The Independent UK

EXPLAINER: How health care for vets became fight in Congress

A bill that enhances health care and disability benefits for millions of veterans exposed to toxic burn pits has hit a snag in the Senate

Roll Call

Groups launch last-ditch effort against drug pricing changes - Roll Call

Interest groups are spending millions in hopes of blocking legislation allowing Medicare to demand lower prices for prescription drugs.

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