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The Latest Breaking News from CBO

Federal Government’s Massive Fiscal Shortfall Revealed In Treasury Report

U.S. Treasury's Shocking Report: $124.1 Trillion in Debts and Unfunded Obligations

Zenger

The “Inflation Reduction Act” Will Do Almost Nothing That Joe Manchin Says It Will

By James D.

Zenger

Congressional Budget Office predicts slower economic growth and 4.7% unemployment into 2024

The Congressional Budget Office reports that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024

The Independent UK

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Under Multiple Budget Scenarios, the Government's Numbers Still Don't Add Up

Balanced federal budgets aren’t even considered as a possibility.

Reason

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

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

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Roll Call

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.

The Independent UK

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

Salon

Budget loophole for Pentagon slush fund

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

Liverpool Echo

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

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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.

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

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