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The Latest Breaking News from CBO

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.

Reason

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.

Fortune

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.

Roll Call

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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.

International Business Times

CBO Projects Record-High Deficit And Debt Levels

Congressional Budget Office report reveals a 0 billion increase in federal budget deficit, reaching record debt levels, posing challenges for future law...

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.

Top News

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.

Roll Call

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Soaring Budget Deficit Raises Risk For S&P 500; Can AI Save The Day?

Will the AI boom boost productivity enough to rein in the federal budget deficit? The S&P 500 faces a bumpy ride while we wait for the answer.

Investors Business Daily

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.

Reason

The National Debt Is Making Us Poorer

The average American will lose between $5,000 and $14,000 annually by 2054 due to the burden of the growing national debt.

Reason

The Congressional Budget Office's Alternative Scenarios Forecast a Dire Economic Picture

Why aren't politicians on both sides more worried than they seem to be?

Reason

What Are The Costs Behind Trump's Economic Proposals?

Republican former president Donald Trump once dubbed himself a "Tariff Man" seeking to boost government coffers.

International Business Times

Vilsack says House proposal threatens farm bill coalition - Roll Call

Agriculture Secretary Vilsack says the House treatment of food stamp benefits threatens to crack the coalition needed to pass a farm bill.

Roll Call

How Immigration is Helping Boost the Labor Market Without Overheating it and Stoking Inflation

Increased immigration can boost the breakeven rate of the so called neutral payrolls growth. What this means

Latin Times

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Latin Times

Latino Unemployment Rate Drops With Another Blowout Report that Exceeds Expectations

Concretely, the rate decreased to 4.5%, a little over the general one, at 3.8%

Reason

The National Debt Is a National Security Issue

The growing debt will "slow economic growth, drive up interest payments," and "heighten the risk of a fiscal crisis," the CBO warns.

Top News

CBO Projects Improved Debt Outlook Due To Immigration And Spending Agreements

CBO's report projects improved debt trajectory due to factors like immigration and spending agreements, emphasizing the critical role of immigration and fi...

Roll Call

Lawmakers push changes to CBO scoring for preventive health - Roll Call

Bill would make it easier for CBO to score preventive health measures over a longer period of time - up to 30 years.

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Reason

Brian Riedl: Who Bankrupted Us More—Trump or Biden?

"I'm concerned about a Trump-Biden rematch," argues Riedl. "You have two presidents with two of the worst fiscal records of the past 100 years."

Roll Call

Democrats, unions ramp up pressure against fiscal commission - Roll Call

A proposed fiscal commission to fast-track deficit reduction measures, already under attack from the right, also faces a stepped-up assault from the left.

Top News

Lower cost-of-living raises for older adults expected due to slowing inflation

Latest News in Business, Lower cost-of-living raises for older adults expected due to slowing inflation 13 Feb,2024 TOP News

Reason

Immigration Could Reduce the Deficit by at Least $1 Trillion Over the Next Ten Years

But the Congressional Budget Office projection assumes we will not cut immigration levels, as is likely to happen if Trump returns to power.

Reason

Surging Immigration Will Reduce Deficits by $1 Trillion

New Congressional Budget Office data shows how higher-than-expected immigration is a win for the economy and the federal budget.

Reason

Federal Government Will Borrow Another $20 Trillion in the Next Decade

Three things to know about the new Congressional Budget Office report on the growing federal deficit.

Reason

How Increasing Immigration Can Reduce the Deficit

And why the Congressional Budget Office does a poor job of making those estimates.

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