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The Latest Breaking News from Phillip Swagel

CBO highlights the good news in Trump’s lost tariff revenue hiking the deficit by $2 trillion: Lower inflation and unemployment—and higher GDP

In the past year, tariffs were, at least partly, responsible for 166,000 lost blue-collar jobs and $1,700 in annual increased costs for American households.

Fortune

US could lose between $7bn and $14bn during shutdown, budget office says

Federal agency also estimates country’s GDP will reduce by one to two percentage points over shrinking demand

The Guardian - US

750K federal workers risk furloughs in government shutdown, CBO estimates

Their compensation will total approximately $400 million per day.

Axios

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Trump tariffs could gross $800 billion in the next decade, CBO head says—but that doesn’t account for the backlash

As the Trump administration continues its tariff policy there are still too many variables to measure its net effect on the economy.

Fortune

Congressional Budget Office Offers Dire Warning About Annual Deficits Dwarfing GDP

Congressional Budget Office Director Phillip Swagel said the current projections are based on the 2017 tax cuts ending. That means the numbers could get worse.

International Business Times

Debt limit deal is in place, but budget deficit is still a multi-decade challenge for US government

Even with new spending restraints included in the congressional debt limit deal, the U.S. government’s deficits are still on course to keep climbing to record levels over the next few decades

The Independent UK

Biden's upcoming budget part of 2024 political messaging

President Joe Biden has decided to get out of the White House to unveil his proposed budget this week in Pennsylvania, a must-win state in 2024

The Independent UK

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U.S. Will Add $18.8 Trillion in New Debt by 2033

Plus: Age verification for social media, a bill to ban cannabis "gatherings," and more...

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