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The Latest Breaking News from The Committee for a Responsible Federal Budget

Social Security Faces Insolvency In 7 Years — Committee Proposes COLA Cap For Wealthier Retirees

In a bid to tackle the impending insolvency of Social Security, the Committee for a Responsible Federal Budget has put forward a proposal to limit the Cost-of-Living Adjustments (COLAs) for those receiving the largest benefits.

Benzinga

Trust funds that finance Medicare and Social Security are at risk of insolvency within 7 years, cutting benefits up to 24%, a new report warns

A couple turning 60 this year would face an $18,400 Social Security cut, according to the Committee for a Responsible Federal Budget.

Fortune

Is Trump's Tax Plan Speeding Up the Looming Social Security Funding Crisis?

Social Security's combined retirement funds are running out of cash, and its insolvency date is expected to occur in less than a decade.

Kiplinger

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This ‘economic sugar high’ won’t last, CRFB warns, touting analysis predicting long-term stagnation and $600 billion in annual borrowing through 2028

“An economic sugar high doesn’t mean sustained growth,” says the Committee for a Responsible Federal Budget. This happened in 2017, too, it notes.

Fortune

Warren Buffett's 2005 Warning Echoes Louder As Social Security Faces $18,100 Benefit Cut By 2033, CRFB Warns

Social Security is seven years from a fiscal cliff that would slash benefits for millions of retirees unless Congress acts, a new analysis by the Committee for a Responsible Federal Budget (CRFB) warns.

Benzinga

Trump tax bill to add $3.4tn to US debt over next decade, new analysis finds

Congressional Budget Office report estimates bill will leave 10m more Americans without health insurance by 2034

The Guardian - US

Trump Has No Discernible Interest in Fiscal Responsibility

The president-elect’s record and campaign positions belie Elon Musk’s talk of spending cuts.

Reason

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Campaign-trail tax proposals face difficult road to passage - Roll Call

The hefty national debt and trillions of dollars in tax breaks due to expire next year are likely to complicate passage of pricey new plans.

Roll Call

Trump would make Social Security insolvent by 2031, report says

The Committee for a Responsible Federal Budget said Trump’s plans would eventually slash payments to retirees by one-third.

Fortune

Harris and Trump's 'no taxes on tips' proposal is the rare idea that’s both unifying and unfair

Exempting yet more income from taxation would worsen a tax code that already treats people with the same level of income differently.

Fortune

What's Wrong With Trump's Pledge to End Taxes on Social Security Benefits

Eliminating taxes on Social Security benefits could impact your finances. Here's what you need to know.

Kiplinger

Social Security and Medicare Are Going Insolvent. Neither Biden nor Trump Has a Plan for It.

Social Security is expected to hit insolvency in 2035, while the portion of Medicare that pays for hospital visits and other medical care will be insolvent by 2036.

Reason

Lawmakers push changes to CBO scoring for preventive health - Roll Call

Bill would make it easier for CBO to score preventive health measures over a longer period of time - up to 30 years.

Roll Call

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

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WEKU

What you need to know about the debt ceiling as the deadline looms

What is the debt ceiling? What could happen if it's not raised? Here are answers to questions you may be asking about the debt limit and the fight over it.

Tribune News Service

Karl W. Smith: Republicans must get over their fear of Medicare

Speaker of the House Kevin McCarthy sent a letter last week to President Joe Biden in which he admonished the White House for not taking more seriously talks to raise the nation’s debt limit, currently set at almost $31.4 trillion. The Biden administration responded by saying House Republicans should increase…

People

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