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The Latest Breaking News from Congressional Budget Office

CBO director to brief House members ahead of budget release

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.

Tribune News Service

CBO director to brief House members ahead of budget release - Roll Call

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

Roll Call

Obscure law contains debt limit escape hatch for Social Security

WASHINGTON — It’s a time-worn argument for raising the debt limit: Without increased borrowing authority, Social Security checks would stop flowing.

Tribune News Service

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Obscure law contains debt limit escape hatch for Social Security - Roll Call

It’s a time-worn argument for raising the debt limit: Without increased borrowing authority, Social Security checks would stop flowing.

Roll Call

Karl W. Smith: Today's debt ceiling is tomorrow's dreaded debt bomb

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…

Tribune News Service

USDA tells Senate panel it's struggling to feed needy families

WASHINGTON — A U.S. Department of Agriculture official testified Thursday that some of the agency’s food programs are being overburdened in the push to feed needy families.

Los Angeles Times

Government will hit debt limit as soon as July, CBO says

WASHINGTON — The federal government will run out of cash to pay all its bills sometime between July and September unless the statutory debt limit is lifted, the Congressional Budget Office warned Wednesday.

Tribune News Service

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U.S. risks debt default as soon as July, Congressional Budget Office estimates

It's the latest estimate of when the country's extraordinary measures to borrow additional funds will be fully exhausted.

Axios

The U.S. could run out of cash to pay its bills between July and September

If Congress fails to raise the nation's $31.4 trillion debt ceiling, the U.S. government could run out of cash between July and September, or even sooner, the Congressional Budget Office said.

WEKU

I helped balance the federal budget in the 1990s – here's just how hard it will be for the GOP to achieve that same rare feat

Kevin McCarthy reportedly promised many things to Republican hardliners en route to clinching his job as speaker of the U.S. House of Representatives. One of them was a “balanced budget” in 10 years.

The Conversation

Congress Can Reduce the Deficit by $7.7 Trillion in 10 Years

The Congressional Budget Office projects that future deficits will explode. But there's a way out.

Reason

Maintaining the Student Loan Forgiveness Application Will Cost an Estimated $100 Million

This latest expense is yet more evidence that sweeping student loan forgiveness will end up doing considerable economic harm.

Reason

Joe Biden's student loan forgiveness plan will cost $400 billion, budget office says

The cost of the White House's student loan forgiveness plan is an estimate over a 30-year period and will add to the country's deficit, the Congressional Budget Office said in a report.

WEKU

Cost of Biden's student debt relief plan exceeds $400 billion, CBO says

WASHINGTON — President Joe Biden’s decision to forgive some federal student debt will cost the U.S. Treasury at least $400 billion, the Congressional Budget Office estimated.

Tribune News Service

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The Independent UK

CBO: Biden's student debt plan would cost $400 billion

The Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 billion over the next 30 years

Tribune News Service

Yellen defends IRS cash infusion, plugs customer service plans

WASHINGTON — The IRS will use part of its new $80 billion influx of cash to fully staff in-person help centers, increase phone and online services and assemble a team of experts to guide the agency’s customer service efforts, Treasury Secretary Janet L. Yellen announced Thursday.

Roll Call

Yellen defends IRS cash infusion, plugs customer service plans - Roll Call

The IRS will use part of its new $80 billion influx of cash to fully staff in-person help centers and increase phone and online services.

Tribune News Service

Commentary: A miss in the Inflation Reduction Act: Better paid leave policies

The Inflation Reduction Act is now law. In the long run, the law is expected to have beneficial effects on deficit reduction as per the Congressional Budget Office. Through extensions of Affordable Care Act subsidies and prescription drug pricing reforms, it aims to decrease health care expenditures for seniors and…

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Chicago Sun-Times

What’s in big Biden bill? Health, climate goals become law

Democrats’ “Inflation Reduction Act” may not do much to immediately tame inflationary price hikes. But the package, an election year turnaround after loftier versions collapsed, will touch countless American lives and secure longtime party goals.

The Independent UK

What's in big Biden bill? Health, climate goals become law

President Joe Biden arrived at the White House promising to “build back” America, and on Tuesday he's signing into law legislation with a slimmer version of that idea

The Independent UK

In Biden's big bill: Climate, health care, deficit reduction

The biggest investment ever in the U.S. to fight climate change

Tribune News Service

Fact check: Will 87,000 new IRS agents mean more audits for middle-class families and small businesses?

The Schumer-Manchin tax bill passed the Senate as part of the Inflation Reduction Act on Sunday. According to legislative documents, the bill will raise taxes and boost the IRS by an estimated $80 billion.

WEKU

Congress is about to act on drug price reform. Here's what you need to know

A deal on the table in Congress would help deliver on a long-time promise: to make prescription drugs more affordable. It includes a $2,000 cap on out-of-pocket expenses for Medicare patients.

The Independent UK

Dems seem headed, finally, toward triumph on climate, health

It’s been more than a year in the making and has seen plenty of ups and downs

The Independent UK

Report: Federal debt lower in 2022; still poised to climb

The Congressional Budget Office says the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast

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