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The Latest Breaking News from CBO

Democrats, unions ramp up pressure against fiscal commission - Roll Call

A proposed fiscal commission to fast-track deficit reduction measures, already under attack from the right, also faces a stepped-up assault from the left.

Roll Call

Lower cost-of-living raises for older adults expected due to slowing inflation

Latest News in Business, Lower cost-of-living raises for older adults expected due to slowing inflation 13 Feb,2024 TOP News

Top News

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

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Surging Immigration Will Reduce Deficits by $1 Trillion

New Congressional Budget Office data shows how higher-than-expected immigration is a win for the economy and the federal budget.

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

How Increasing Immigration Can Reduce the Deficit

And why the Congressional Budget Office does a poor job of making those estimates.

Reason

Politicians Need To Stop Pretending the National Debt Is Sustainable

The reality raises questions about the kind of future we want to leave for the next generation.

Reason

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Interest Rates Are High. GOP Presidential Candidates Need To Get Serious About It.

They will either reduce the ability to spend money or to cut taxes.

Reason

The Fiscal Hawks Were Right About Debt and Interest Rates

Rosy fiscal expectations based on eternally low interest rates have proven dangerously wrong.

Reason

TikTok prankster Mizzy: I was wild and reckless, now I want to change

Mizzy, real name Bacari-Bronze O’Garro, gives his first interview since being released from prison

Evening Standard

America Has Borrowed $1 Trillion Since the Start of Football Season

The federal government is borrowing money at a mind-spinning rate, and you can't blame it on the COVID-19 pandemic anymore.

Reason

CBO Forecasts 1.5% GDP Boost, 4.4% Unemployment for US 2024

Take a whimsical trip into the future of the U.S. economy! CBO predicts a dance of numbers - 1.5% GDP growth and 4.4% jobless rate by 2024.

Top News

Congressional Budget Office projects lower inflation and higher unemployment into 2025

The Congressional Budget Office says it expects inflation to nearly hit the Federal Reserve’s 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years

The Independent UK

Congress Is Trying To Avoid Taking Responsibility for the Debt Crisis It Created

A fiscal commission might be a good idea, but it's also the ultimate expression of Congress' irresponsibility.

Reason

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Roll Call

Backstop in debt limit law flips script on spending endgame - Roll Call

Budget scorekeepers flip the previous debt limit plan. Spending cuts now would disproportionately hit nondefense programs.

Fortune

2024 economy and stock market predictions: Expect subpar returns in a new ‘age of austerity’ says a top analyst at Research Affiliates

In the new paradigm, the best investment categories of the last decade should prove the worst performers going forward, while the beaten-down, unloved sectors of recent years are likely to thrive.

Chicago Sun-Times

Federal government shutdowns are costly, for the economy and public trust

There are serious debates to be had about government spending, but the edge of a shutdown is no place to have them. Ignoring the consequences won’t bring us closer to more responsible government, two University of Chicago experts write.

Kiplinger

Three Ways to Lower Your Taxes in Retirement

To help prevent taxes from blindsiding you in retirement, consider addressing tax issues now, when rates are lower. Here are three suggestions.

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news in one place.

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Reason

The U.S. Needs a Fiscal Commission Because Congress Won't Do Its Job

In the last 50 years, when the budget process has been in place, Congress has managed only four times to pass a budget on time.

Reason

20 Years to Disaster

"The United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt."

Salon

GOP IRS cut for Israel increases deficit

"Republicans never miss a chance to protect their billionaire donors," said Sen. Sheldon Whitehouse, D-R.I.

Reason

Is Chaos the Natural State of Congress?

The federal budgeting process was broken long before Matt Gaetz and Kevin McCarthy's recent spat.

Reason

Spending Recklessly in Good Times Is a Recipe for Disaster in Bad Times

Years ago, when interest rates were low, calls for the federal government to exercise fiscal restraint were dismissed. That was unwise.

The Guardian - AU

‘Difficult and expensive’: US report raises Aukus doubts after Joe Biden reassures Anthony Albanese at White House

Congressional report says sale of three to five Virginia class submarines would cut the number available to the US navy fleet

Reason

Americans Learned a Lesson About Interest Rates. Washington Has Not.

Higher rates lead to more debt, and more debt begets higher rates, and on and on. Get the picture?

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