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The Latest Breaking News from CBO

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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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.

Kiplinger

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.

Fortune

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

The Guardian - UK

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

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

Reason

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.

Kiplinger

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.

Reason

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.

Latin Times

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.

Reason

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.

Roll Call

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Reason

Abolish the Federal Minimum Wage

There is a "virtual consensus" among economists that the minimum wage puts people out of work.

Reason

Trump Has No Discernible Interest in Fiscal Responsibility

The president-elect’s record and campaign positions belie Elon Musk’s talk of spending cuts.

Reason

Medicare-Covered Ozempic and Long-Term Care Would Be Very Pricey

Healthcare promises always come with high costs.

The Guardian - US

Politicians’ proposals would only minimally lower US drug prices, says report

Advocates say multiple strategies must be used to lower prices as new drugs threaten to bankrupt health system

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Reason

Biden and Harris' Record on Spending and Debt Is a Tragedy of Epic Proportion

When they entered the White House, the budget deficit was a pandemic-influenced $2.3 trillion, and it was set to fall to $905 billion by 2024. It's now twice what it was supposed to be.

Reason

Budget Deficit Hit $1.8 Trillion After Huge Increase in Borrowing Costs

Spending increased by 10 percent last year, while tax revenue increased by 11 percent. Interest payments on the debt shot up by 34 percent.

The Guardian - US

Harris announces plan for Medicare to cover long-term care at home

Policy proposal would represent significant expansion of public health insurance program for Americans above 65

Roll Call

CBO: Fiscal 2024 budget deficit was $1.8 trillion - Roll Call

The federal deficit clocked in at $1.8 trillion for fiscal 2024, according to the Congressional Budget Office.

Fortune

Over the past 30 years the U.S.'s top 1% got richer, and now hold nearly a third of the nation's wealth

Families in the bottom 50% of America's wealth ladder saw their control of the country's assets sit at 6% for the past 30 years.

Roll Call

Congressional estimators find sharply lower revenue take from Harris tax plans - Roll Call

Nonpartisan analysts said Harris' plans are unlikely to generate the amount of revenue the Biden-Harris administration previously estimated.

Roll Call

Respected CBO staffer retires after nearly a half-century - Roll Call

One of the Congressional Budget Office’s longest-serving and most influential staffers, retired last week after 48 years on the job.

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