The Latest Breaking News from Committee for a Responsible Federal Budget

With U.S. debt above $40 trillion, the IMF chief warns that economic growth alone won’t solve the problem

Treasury Secretary Scott Bessent has said the U.S. can grow its way out of the debt.

Fortune · Oct 16

Social Security Is Running Out of Money. Benefits Are Rising 3.6% Next Year Anyway.

Congress has yet to address a looming funding shortfall that could leave the retirement program unable to pay 22 percent of scheduled benefits by 2032.

Reason · Oct 15

Inside the Republican Plan To Raise the Retirement Age to 69 To Salvage Social Security

Republicans are backing a plan to raise the full Social Security retirement age to 69 for younger US workers, arguing it is needed to salvage the system before its trust fund runs dry in 2032.

International Business Times UK · Jun 4

Taxes won’t immediately rise from Biden student loan plan as GOP argues, experts say

WASHINGTON — Texas Republican lawmakers have been quick to attack President Joe Biden’s student loan forgiveness plan as a heavy burden for taxpayers. However, the arguments used don’t give the full picture of the situation faced by millions of families now sorting out how the forgiveness program impacts them.

Tribune News Service · Sep 13, 2022

Fact check: Will taxes go up for the middle class under the new Democratic plan?

WASHINGTON — Republicans are warning people: The new Democratic-written tax and spending law is going to mean a bigger tax burden, whether you make $40,000 or $400,000.

McClatchy Washington Bureau · Aug 25, 2022

Biden will cancel $10,000 of student debt for many borrowers

WASHINGTON — President Joe Biden announced Wednesday that he is canceling $10,000 in student debt for individuals earning less than $125,000 annually and extending a pause on loan repayments for all borrowers through the end of the year.

Los Angeles Times · Aug 24, 2022

Biden plans student debt relief announcement Wednesday

WASHINGTON — President Joe Biden intends to announce his long-delayed decision on canceling some student debt on Wednesday. Biden has yet to finalize the details of his plan, but any choice he makes on the contentious issue is likely to draw criticism from both parties and risks shifting the political…

Los Angeles Times · Aug 23, 2022

Commentary: A better, fairer way to handle student loans

President Joe Biden is set to “forgive” $10,000 worth of student loan debt per borrower, for a total of $360 billion in loan elimination. This may sound like a neat and easy solution, but the direct result will be to increase inflation, drive college costs even higher, and place lower-cost…

Tribune News Service · Jun 9, 2022

Latest White House plan would forgive $10,000 in student debt per borrower

Biden’s administration is firming up plans to cancel $10,000 in student debt per borrower for people who earned up to $150,000 the year before

The Independent UK · May 27, 2022

Where does student loan forgiveness stand? Borrowers wait anxiously on Biden

Kayla Camacho was halfway through her master’s degree when federal student loan payments were paused in March 2020.

Los Angeles Times · May 11, 2022