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The Latest Breaking News from CBO

Keeping These Tax Cuts Is a Bad, Expensive Idea

Everyone loves lower taxes, but cutting them without reducing spending is bad news for the national debt.

Reason

Vulnerable Programs for Musk and Ramaswamy's 'Chainsaw' Commission on Federal Spending

Elon Musk and Vivek Ramaswamy will soon become the co-chairs for the Department of Government Efficiency, promising to slash budgets of everyday programs.

Latin Times

The Math on Mass Deportation Doesn't Add Up

Flawed calculations and overlooked benefits show why Trump's immigration plan would be a fiscal disaster for America.

Reason

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Senate farm bill differs from House on CCC, food stamp benefits - Roll Call

The Senate's draft farm bill comes with only a few weeks left to finish legislation and with differences from the House bill.

Roll Call

Abolish the Federal Minimum Wage

There is a "virtual consensus" among economists that the minimum wage puts people out of work.

Reason

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

Medicare-Covered Ozempic and Long-Term Care Would Be Very Pricey

Healthcare promises always come with high costs.

Reason

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Politicians’ proposals would only minimally lower US drug prices, says report

Advocates say multiple strategies must be used to lower prices as new drugs threaten to bankrupt health system

The Guardian - US

Biden and Harris' Record on Spending and Debt Is a Tragedy of Epic Proportion

When they entered the White House, the budget deficit was a pandemic-influenced $2.3 trillion, and it was set to fall to $905 billion by 2024. It's now twice what it was supposed to be.

Reason

Budget Deficit Hit $1.8 Trillion After Huge Increase in Borrowing Costs

Spending increased by 10 percent last year, while tax revenue increased by 11 percent. Interest payments on the debt shot up by 34 percent.

Reason

Harris announces plan for Medicare to cover long-term care at home

Policy proposal would represent significant expansion of public health insurance program for Americans above 65

The Guardian - US

CBO: Fiscal 2024 budget deficit was $1.8 trillion - Roll Call

The federal deficit clocked in at $1.8 trillion for fiscal 2024, according to the Congressional Budget Office.

Roll Call

Over the past 30 years the U.S.'s top 1% got richer, and now hold nearly a third of the nation's wealth

Families in the bottom 50% of America's wealth ladder saw their control of the country's assets sit at 6% for the past 30 years.

Fortune

Congressional estimators find sharply lower revenue take from Harris tax plans - Roll Call

Nonpartisan analysts said Harris' plans are unlikely to generate the amount of revenue the Biden-Harris administration previously estimated.

Roll Call

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Roll Call

Respected CBO staffer retires after nearly a half-century - Roll Call

One of the Congressional Budget Office’s longest-serving and most influential staffers, retired last week after 48 years on the job.

International Business Times UK

2 Million Social Security Recipients to Gain $360 Monthly? US Congress Prepares to Tackle WEP, GPO Benefit Cuts

House lawmakers in Washington have sufficient signatures on a discharge petition to force a vote on the Social Security Fairness Act, which would repeal laws that reduce Social Security benefits for certain pensioners.

Al Jazeera

For Harris and Trump, runaway US debt is the elephant in the room

Both presidential candidates have unveiled costly proposals that would greatly add to the ballooning national debt.

Evening Standard

'Persistent thief' banned from City of London after punching security guard and spitting at officer

Mohamad Ahmadpour punched a security guard and spat at an enforcement officer

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Reason

Congressional Budget Office Estimates Recent Increase in Immigration will Reduce the Budget Deficit

A new CBO report concludes it will save the federal government almost $1 trillion over the next ten years.

Latin Times

The easing of the labor market can be largely attributed to immigration spike, study finds

A study by the Federal Reserve Bank of San Francisco attributes one-fifth of the recent trend to higher immigration

USAFacts

How much of the federal budget is mandatory spending?

In fiscal year 2023, around 60% of federal spending was mandatory spending.

Fortune

Larry Fink says America's $35 trillion national debt will be a 'big burden on the backs of our children' unless the private sector is given room to grow

"This is unheard of, it's at an unsustainable level, yet we have the most dynamic, capitalistic system in the world."

Reason

Why Did Americans Stop Caring About the National Debt?

Both parties—and the voters—are to blame for the national debt fiasco.

Latin Times

Immigration is projected to drive high economic growth in the U.S. over the next 10 years, analysis shows

Despite growing tensions, a new CBO report shows increased immigration will likely drive economic growth in the U.S. over the next 10 years

Fortune

The U.S. deficit is nearly as big a Russia's economy, and there's a 'vicious' feedback loop that could make it worse

The CBO's new estimate for the fiscal 2024 deficit is now $1.9 trillion, up from its prior view for $1.6 trillion issued in February and up from the 2023 deficit of about $1.7 trillion.

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