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The Latest Breaking News from Congressional Budget Office

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.

Reason

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.

WEKU

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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.

Tribune News Service

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

The Independent UK

Yellen defends IRS cash infusion, plugs customer service plans

WASHINGTON — The IRS will use part of its new $80 billion influx of cash to fully staff in-person help centers, increase phone and online services and assemble a team of experts to guide the agency’s customer service efforts, Treasury Secretary Janet L. Yellen announced Thursday.

Tribune News Service

Yellen defends IRS cash infusion, plugs customer service plans - Roll Call

The IRS will use part of its new $80 billion influx of cash to fully staff in-person help centers and increase phone and online services.

Roll Call

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Commentary: A miss in the Inflation Reduction Act: Better paid leave policies

The Inflation Reduction Act is now law. In the long run, the law is expected to have beneficial effects on deficit reduction as per the Congressional Budget Office. Through extensions of Affordable Care Act subsidies and prescription drug pricing reforms, it aims to decrease health care expenditures for seniors and…

Tribune News Service

What’s in big Biden bill? Health, climate goals become law

Democrats’ “Inflation Reduction Act” may not do much to immediately tame inflationary price hikes. But the package, an election year turnaround after loftier versions collapsed, will touch countless American lives and secure longtime party goals.

Chicago Sun-Times

What's in big Biden bill? Health, climate goals become law

President Joe Biden arrived at the White House promising to “build back” America, and on Tuesday he's signing into law legislation with a slimmer version of that idea

The Independent UK

In Biden's big bill: Climate, health care, deficit reduction

The biggest investment ever in the U.S. to fight climate change

The Independent UK

Fact check: Will 87,000 new IRS agents mean more audits for middle-class families and small businesses?

The Schumer-Manchin tax bill passed the Senate as part of the Inflation Reduction Act on Sunday. According to legislative documents, the bill will raise taxes and boost the IRS by an estimated $80 billion.

Tribune News Service

Congress is about to act on drug price reform. Here's what you need to know

A deal on the table in Congress would help deliver on a long-time promise: to make prescription drugs more affordable. It includes a $2,000 cap on out-of-pocket expenses for Medicare patients.

WEKU

Dems seem headed, finally, toward triumph on climate, health

It’s been more than a year in the making and has seen plenty of ups and downs

The Independent UK

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The Independent UK

Report: Federal debt lower in 2022; still poised to climb

The Congressional Budget Office says the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast

The Independent UK

Partisan lines form over Dem drug price curbs, economic plan

Senate Minority Leader Mitch McConnell says plans by Democrats to curb drug prices would place socialist price controls between Americans and the treatments they need

Reason

Biden's Policies Have Increased, Not Reduced, Future Budget Deficits

Dissecting the president's misleading claims about falling deficits

Roll Call

Toxic exposure bill would rewrite America’s compact with veterans

Congress appears likely to pass legislation that would make millions more veterans eligible for disability and health care benefits.

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Tribune News Service

Analysis: Unexplained tax revenue growth vexes budget scorekeepers

WASHINGTON — The term “unexplained” doesn’t appear too often in official government documents, unless they are dealing with possible paranormal events, like UFOs. Yet the reference is sprinkled throughout the Congressional Budget Office’s latest budget and economic outlook to describe the recent strength in federal tax receipts that’s blown away…

The Independent UK

Congressional Budget Office says inflation to last into 2023

The Congressional Budget Office says that high inflation will persist into next year

Benzinga

MORE Act Means Fewer Cannabis Prisoners, More Opportunity: Conclusions From The Congressional Budget Office's New Scoring

In response to the Congressional Budget Office’s new scoring of the MORE Act (H.R. 3617), US Cannabis Council CEO Steven Hawkins released the following statement:

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