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The Latest Breaking News from CBO

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

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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

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.

Reason

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

The Guardian - US

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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.

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news in one place.

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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.

International Business Times UK

2 Million Social Security Recipients to Gain $360 Monthly? US Congress Prepares to Tackle WEP, GPO Benefit Cuts

House lawmakers in Washington have sufficient signatures on a discharge petition to force a vote on the Social Security Fairness Act, which would repeal laws that reduce Social Security benefits for certain pensioners.

Al Jazeera

For Harris and Trump, runaway US debt is the elephant in the room

Both presidential candidates have unveiled costly proposals that would greatly add to the ballooning national debt.

Evening Standard

'Persistent thief' banned from City of London after punching security guard and spitting at officer

Mohamad Ahmadpour punched a security guard and spat at an enforcement officer

Reason

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.

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