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The Latest Breaking News from CBO

US debt could explode above 200% of GDP in two decades if Trump's tax cuts become permanent, CBO says — putting it at unsustainable levels

"Macroeconomic feedback effects would further increase interest rates and, therefore, lead to even worse fiscal outcomes," the Peter G. Peterson Foundation warned.

Fortune

Congress and DOGE Can Find Spending Cuts at the Department of Defense

The U.S. can defend itself at a lot less expense.

Reason

Congress can’t reach Trump’s cuts without touching Medicaid or Medicare, budget office confirms

‘This letter from CBO confirms what we’ve been saying all along: the math doesn’t work without devastating Medicaid cuts,’ New Jersey Democrat says

The Independent UK

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GOP budget goals impossible without Medicare and Medicaid cuts, budget office says

Republicans are expected to fall short of their goal to slash the budget by $1.5tn despite Donald Trump’s assurances

The Guardian - US

Fired federal workers hunt for new jobs but struggle to replace their old ones

Job searches can be tough for anyone, but some of the federal workers flooding the market after widespread layoffs are finding it particularly tough

The Independent UK

House GOP preps all-in-one budget blueprint for committee vote - Roll Call

House Republicans are plowing ahead with a budget resolution markup on Thursday before the chamber’s scheduled one-week recess begins.

Roll Call

Social Security Fairness Act Payments Checklist: Nine Things to Know

This Social Security Fairness Act checklist explains what public sector retirees can expect from SSFA, including when their payments will arrive and how much more money they may receive.

Kiplinger

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Divided House GOP searches for solution on budget resolution - Roll Call

House Republicans are trying to avoid letting the Senate jump ahead and take the steam out of the House’s budget reconciliation bill.

Roll Call

Social Security Fairness Act Retroactive Payments and 2025 Increases Are Delayed

Public sector retirees, spouses' or surviving spouses' benefits will be delayed until further notice. The SSA must manually adjust benefits for over 3 million beneficiaries.

Kiplinger

Have Trump’s tariff threats helped China boost its exports?

Trump has said he is considering imposing a 10 percent tariff on China from February.

Al Jazeera

US National Debt Projected To Rise By .9 Trillion

CBO outlook warns of .9 trillion national debt increase, rising deficits, and challenges ahead.

Top News

Congressional Budget Office Offers Dire Warning About Annual Deficits Dwarfing GDP

Congressional Budget Office Director Phillip Swagel said the current projections are based on the 2017 tax cuts ending. That means the numbers could get worse.

International Business Times

CBO projects U.S. debt to grow $23.9 trillion in 10 years, not including costs of extending tax cuts

The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump

The Independent UK

US population projections shrink from last year because of declining birth rates, less immigration

The Congressional Budget Office has shrunk its projections for the U.S. population in 30 years to 372 million residents

The Independent UK

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Kiplinger

How Would Raising the Social Security Retirement Age to 69 Affect You?

Workers have two choices if the full retirement age ever increases to 69. Work longer or collect less.

Fortune

Millions will get higher Social Security benefits after Biden signs 'fairness' bill

"Americans who have worked hard all their lives to earn an honest living should be able to retire with economic security and dignity," Biden said.

Fortune

Trump tariffs would shrink the federal deficit, but also the economy, CBO says

The CBO estimated that more tariff revenue would help shrink the federal budget deficit by $2.7 trillion from fiscal years 2025 to 2034.

The Guardian - UK

The first quarter of the 21st century wasn’t great for investors. The next needs an AI boost

Debt, demographics and geopolitics aside, swing factor is whether artificial intelligence can revolutionise productivity

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Reason

Trump's Tariffs Will Shrink the Economy and Reduce Investment, CBO Says

Bonus: They're unpopular too, according to a new poll.

Kiplinger

End of Expanded Premium Tax Credit Would Drive Uninsured Rates Higher

Millions of people could become uninsured if Congress fails to extend the enhanced premium tax credit.

Reason

Senate Tees Up $200 Billion Social Security Giveaway to Public Sector Workers

The Social Security Fairness Act will boost payouts to public sector workers who receive pensions and did not pay taxes to support Social Security.

Reason

Keeping These Tax Cuts Is a Bad, Expensive Idea

Everyone loves lower taxes, but cutting them without reducing spending is bad news for the national debt.

Latin Times

Vulnerable Programs for Musk and Ramaswamy's 'Chainsaw' Commission on Federal Spending

Elon Musk and Vivek Ramaswamy will soon become the co-chairs for the Department of Government Efficiency, promising to slash budgets of everyday programs.

Reason

The Math on Mass Deportation Doesn't Add Up

Flawed calculations and overlooked benefits show why Trump's immigration plan would be a fiscal disaster for America.

Roll Call

Senate farm bill differs from House on CCC, food stamp benefits - Roll Call

The Senate's draft farm bill comes with only a few weeks left to finish legislation and with differences from the House bill.

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