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The Latest Breaking News from Congressional Budget Office

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.

Roll Call

Congressional Budget Office Estimates Recent Increase in Immigration will Reduce the Budget Deficit

A new CBO report concludes it will save the federal government almost $1 trillion over the next ten years.

Reason

The national debt is over $34 trillion. It’s time to tell the truth about the U.S. government’s finances

The U.S. government will pay close to $900 billion this year just in interest payments on the national debt.

Fortune

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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

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

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

Welfare Cuts Are Inevitable Because Congress Won't Touch Social Security

Until Congress is willing to acknowledge that it makes no sense to send monthly checks to wealthy seniors, everything else will be on the chopping block.

Reason

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Why Did Joe Biden Stop Talking About the Deficit?

The federal budget deficit has exploded under Biden's watch, and he can no longer pretend otherwise.

Reason

McCarthy edges Republicans closer to House debt vote

House Republicans are pushing their debt ceiling package to a vote

The Independent UK

GOP’s budget attack - Roll Call

Senate Republican budget writers waged a multifront offensive on President Joe Biden’s fiscal 2024 budget request, while Democrats pointed to a Congressional Budget Office analysis to say House GOP budget plans are unrealistic. CQ Roll Call’s David Lerman, Peter Cohn and Paul M. Krawzak assess how Biden’s blueprint was received…

Roll Call

CBO director to brief House members ahead of budget release

WASHINGTON — Congressional Budget Office Director Phillip L. Swagel will brief House members Wednesday on the agency’s budget and economic outlook as lawmakers consider whether to adjust spending levels in conjunction with lifting the debt limit.

Tribune News Service

CBO director to brief House members ahead of budget release - Roll Call

Congressional Budget Office Director Phillip L. Swagel will brief House members Wednesday on the agency’s budget and economic outlook.

Roll Call

Obscure law contains debt limit escape hatch for Social Security

WASHINGTON — It’s a time-worn argument for raising the debt limit: Without increased borrowing authority, Social Security checks would stop flowing.

Tribune News Service

Obscure law contains debt limit escape hatch for Social Security - Roll Call

It’s a time-worn argument for raising the debt limit: Without increased borrowing authority, Social Security checks would stop flowing.

Roll Call

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Tribune News Service

Karl W. Smith: Today's debt ceiling is tomorrow's dreaded debt bomb

As disconcerting as the U.S.’s current debt situation is, the outlook is even worse. When the bipartisan Congressional Budget Office updated its forecasts this month, it estimated that debt held by the public will climb to $46 trillion by 2033 from $31 trillion currently. This puts the country one step…

Los Angeles Times

USDA tells Senate panel it's struggling to feed needy families

WASHINGTON — A U.S. Department of Agriculture official testified Thursday that some of the agency’s food programs are being overburdened in the push to feed needy families.

Tribune News Service

Government will hit debt limit as soon as July, CBO says

WASHINGTON — The federal government will run out of cash to pay all its bills sometime between July and September unless the statutory debt limit is lifted, the Congressional Budget Office warned Wednesday.

Axios

U.S. risks debt default as soon as July, Congressional Budget Office estimates

It's the latest estimate of when the country's extraordinary measures to borrow additional funds will be fully exhausted.

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WEKU

The U.S. could run out of cash to pay its bills between July and September

If Congress fails to raise the nation's $31.4 trillion debt ceiling, the U.S. government could run out of cash between July and September, or even sooner, the Congressional Budget Office said.

The Conversation

I helped balance the federal budget in the 1990s – here's just how hard it will be for the GOP to achieve that same rare feat

Kevin McCarthy reportedly promised many things to Republican hardliners en route to clinching his job as speaker of the U.S. House of Representatives. One of them was a “balanced budget” in 10 years.

Reason

Congress Can Reduce the Deficit by $7.7 Trillion in 10 Years

The Congressional Budget Office projects that future deficits will explode. But there's a way out.

Reason

Maintaining the Student Loan Forgiveness Application Will Cost an Estimated $100 Million

This latest expense is yet more evidence that sweeping student loan forgiveness will end up doing considerable economic harm.

WEKU

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.

Tribune News Service

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.

The Independent UK

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

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