The Latest Breaking News from CBO

“The United States does not have a high-spending problem; it has a low-tax problem,” the report concludes

If Republicans refuse to gore their three sacred cows, a new CBO report shows that balancing the budget is literally impossible.

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.

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

The national debt grew by more than $4 trillion in 2020 alone.

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…

Krugman sees benefit cuts as "a choice" but believes that implementing a massive tax increase on American employers and workers would be "of course" no big deal.

WASHINGTON — The government will run out of cash to pay its bills by “summer or early fall” unless Congress lifts the statutory debt limit, the Bipartisan Policy Center estimated Wednesday.

The government could run out of cash to pay its bills by “summer or early fall," the Bipartisan Policy Center estimated Wednesday.