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The Latest Breaking News from CBO

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

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.

Roll Call

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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.

Fortune

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.

Chicago Sun-Times

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.

Kiplinger

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

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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."

Reason

GOP IRS cut for Israel increases deficit

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

Salon

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.

Reason

‘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

The Guardian - AU

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?

Reason

The Debt Crisis Is Getting Real

Rising bond yields mean the national debt is going to be a lot more expensive in the next few years, and we just keep adding to it.

Reason

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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

The U.S. Government's Bad Credit Means Higher Costs for Us All

Federal officials ignore repeated warnings, and we all pay the price.

Reason

U.S. Credit Rating Downgrade Is a Sign of Government Dysfunction

The national debt has ballooned from $14 trillion to $32 trillion in a little over a decade.

Zenger

Federal Government’s Massive Fiscal Shortfall Revealed In Treasury Report

U.S. Treasury's Shocking Report: $124.1 Trillion in Debts and Unfunded Obligations

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Zenger

The “Inflation Reduction Act” Will Do Almost Nothing That Joe Manchin Says It Will

By James D.

The Independent UK

Congressional Budget Office predicts slower economic growth and 4.7% unemployment into 2024

The Congressional Budget Office reports that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024

Reason

Under Multiple Budget Scenarios, the Government's Numbers Still Don't Add Up

Balanced federal budgets aren’t even considered as a possibility.

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

Biden's Latest Student Loan Scheme Has a Bigger Price Tag Than Originally Projected

The administration’s SAVE plan for student loan forgiveness is estimated to cost $475 billion.

Fortune

It takes $650,000 a year to reach America’s top 1%

Meanwhile, there are some states where the bar for reaching the wealthiest 1% is a lot lower.

Reason

Biden's Changes to Income-Based Student Loan Repayment Could Cost Billions

Biden plans to slash minimum monthly payments to just 5 percent of borrowers' income.

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