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The Latest Breaking News from CBO

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.

Reason

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.

Fortune

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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.

Reason

Editorial: Budget agency pours ice water on Biden parade

How fitting that the Congressional Budget Office released its long-term fiscal projections Wednesday, the same day that President Joe Biden began his economic rehabilitation tour.

Tribune News Service

‘I want to tell people that prison life is super dead’: Digga D on rap stardom amid police restrictions

A criminal behaviour order allows the Met police to vet the lyrics of this chart-topping star. It’s unfair and manipulative, he says – but he’s also understanding the scale of his influence

The Guardian - UK

At the Races: Redistricting redux - Roll Call

The CQ Roll Call newsroom tracks campaigns nationwide, sharing the best stories, with some extras, in the At the Races newsletter.

Roll Call

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CBO data shows why deficits should matter again

There was a widening bipartisan sense that fiscal deficits don't really matter. Now, they do again.

Axios

CBO Projects Huge Deficits, $116 Trillion in New Borrowing Over the Next 30 Years

A new Congressional Budget Office report warns of "significant economic and financial consequences" caused by the federal government's reckless borrowing.

Reason

Biden-McCarthy deal fails to tame US debt as Republicans demand cuts

The debt limit accord between President Joe Biden and House Speaker Kevin McCarthy won’t stave off a long-term fiscal crisis, nonpartisan U.S. budget analysts warned Wednesday, adding fuel to fiscal conservatives’ push for deep spending cuts.

Tribune News Service

CBO says long-term debt lower than forecast last year - Roll Call

Spending caps in the recent debt limit law led to lower 30-year projections, even though deficits will be higher in coming years.

Roll Call

US public debt is projected to reach 181% of American economic activity in 30 years

The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers

The Independent UK

Budget loophole for Pentagon slush fund

Despite debt ceiling compromise, the Pentagon will continue to prove exempt from ceilings of any sort

Salon

15 people who are banned from B&M, Home Bargains and other shops across Merseyside

The criminals are not allowed to enter shopping areas including Liverpool ONE, Edge Lane Retail and Kirkby Town Centre

Liverpool Echo

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Zenger

Larry Summers Urges Tax Hike On Top 1% As He Sees Economy Languishing In ‘New And Dangerous Territory’

Former Treasury Secretary Larry Summers took to Twitter on Tuesday to express his worst fears concerning the economy

Reason

The Debt Ceiling Deal Does Not Go Nearly Far Enough

Projections of huge savings are making the rounds. Nothing could be further from the truth.

Liverpool Echo

Faces of six men banned from swearing, touching cars and other strange things

Police have banned these men from doing a whole host of things

WEKU

Congress created changes to food assistance. Here's what they mean

In an effort to avoid defaulting on the nation's loans, lawmakers created updates to SNAP, the nation's largest food assistance safety net. There are new work requirements as well as exemptions.

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Reason

CBO: Debt Ceiling Deal Means 78,000 More Able-Bodied, Childless Adults Could Get Food Stamps

New work requirements will target those over age 50, but the debt ceiling deal also loosens existing work requirements for those under age 50.

Chicago Sun-Times

Debt ceiling: Senate races to wrap up Biden-McCarthy deal before default deadline

Fast action is vital if Washington is to meet next Monday’s deadline when Treasury has said the U.S. will start running short of cash to pay its bills, risking a devastating default.

The Independent UK

After sailing though House on bipartisan vote, Biden-McCarthy debt ceiling deal now goes to Senate

After sailing through the House on a bipartisan vote, the debt ceiling and budget cuts package now goes to the Senate

The Independent UK

Republicans get their IRS cuts; Democrats say they expect little near-term impact

While Republicans seek to make good on campaign promises to cut IRS funding through the proposed debt ceiling and budget cuts package now moving through Congress, Democrats are offering assurances that the spending cuts will have little impact on the federal tax collector

Chicago Sun-Times

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

The deal passed by a bipartisan coalition, despite pushback from conservatives and progressives, restricts spending for two years, suspends the debt ceiling until 2025 and imposes work rules for older people receiving food aid.

France 24

US House passes bipartisan bill to raise debt ceiling, avoid default

Lawmakers agreed on a bill that looks to avoid a catastrophic default of the United States. The text will now go to the Senate for approval.

Reason

Senators Want To Declare Fentanyl a National Security Threat

Plus: SCOTUS won't hear Reddit sex trafficking case, debt deal would increase spending on SNAP benefits, and more...

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