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The Latest Breaking News from Congressional Budget Office

US economic growth to slow in the next 30 years, fueled by debt and declining birth rates, CBO says

Weak population gains and increased government spending will result in slower overall economic growth over the next 30 years, the nonpartisan Congressional Budget Office said Thursday

The Independent UK

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

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

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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

US deaths expected to exceed births within a decade

A drop in birth rates is expected due to an estimated loss in immigration

The Independent UK

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

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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

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

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

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Roll Call

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…

Tribune News Service

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.

Roll Call

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.

Tribune News Service

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.

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Roll Call

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.

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.

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.

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