Congressional Budget Office

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New CBO Projections Raise Hopes of a 'Soft Landing'

Agency predicts inflation will nearly reach the Fed's target of 2% next year

(Newser) - The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years. The office's Current...

CBO Says Debt Ceiling Crisis Could Be Here by July

Agency says debt will grow by another $19T within the next decade

(Newser) - A crisis over America's debt ceiling could be here by July—or even sooner, if tax revenues received in April are below expectations, the Congressional Budget Office warned Wednesday. The nonpartisan federal agency said the Treasury Department's emergency measures to avoid a default on America's debt will...

CBO to Biden: Here's Your Student Debt Price Tag

$400B over the next 30 years, it estimates

(Newser) - President Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office. The figures were released Monday in response to a request from Republican lawmakers who oppose Biden’s plan in large...

Congressional Budget Office: Deficit Will Shrink, Then Surge

It released an economic outlook Wednesday

(Newser) - The Congressional Budget Office released an economic outlook Wednesday saying that high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt. The nonpartisan agency expects that the consumer price index will rise 6.1% this year and 3.1% in...

Kevin McCarthy Speaks for 512 Minutes, Delays Vote

House will vote on Biden's $1.9T bill Friday morning

(Newser) - Update: The House has delayed a vote on President Biden's spending bill until Friday. The move comes after House GOP leader Kevin McCarthy delayed proceedings with what the New York Times calls the longest continuous House speech since 1909, clocking in at 8 hours and 32 minutes. "Personally...

Next Year, Federal Debt Could Exceed GDP

This year's deficit on course to hit record $3.3T

(Newser) - The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday. The spike in the deficit means that federal...

Budget Deficit Nears 'Unprecedented' Level

The CBO says it will top $1 trillion, again

(Newser) - An annual congressional report says the US budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economy, the AP reports. Tuesday's Congressional Budget Office report follows a burst of new spending last year and the repeal in December of several taxes...

3 Grim Lines From CBO's New Deficit Report

'Unsustainable course'

(Newser) - The deficit will swell by $809 billion more than anticipated over the next decade, the Congressional Budget Office announced in new projections Wednesday, per the AP . The Washington Post reports the US was already expected to hit a deficit over the $1 trillion mark in 2020. The change here, which...

CBO: Trump's Health Strategy Would Hike Costs 20% in 2018

If president stops ObamaCare subsidies, premiums will rise dramatically for 'silver' plan

(Newser) - People buying individual health-care policies would face higher premiums, and some may be left with no insurance options, if President Trump makes good on his threat to stop ObamaCare payments to insurers. That's the conclusion of a new report by the nonpartisan Congressional Budget Office, the AP reports. More...

Premiums Would Double Under GOP ObamaCare Repeal: CBO

And 32M would lose insurance by 2026, according to CBO score

(Newser) - The Congressional Budget Office has scored the Senate GOP bill to repeal the ACA without replacing it with anything—and it's not good. If the ObamaCare Repeal Reconciliation Act is passed, 17 million fewer people would be insured by next year, NBC News reports. That would increase to 32...

CBO Releases Report on Senate Health Care Bill

22 million are estimated to lose coverage

(Newser) - The Congressional Budget Office (CBO) released a report Monday analyzing the Senate Republicans' health care bill released last week in the party’s latest efforts to repeal the Affordable Care Act. CNN has the full 50-page report, which estimates that 22 million will lose coverage under the new law. That...

CBO: 23M More Americans Uninsured Under GOP Bill

The AHCA would reduce the deficit by $119B

(Newser) - The American Health Care Act passed by House Republicans earlier this month will reduce the deficit by $119 billion over the next decade—while leaving 23 million more Americans without insurance than if ObamaCare remains in place, according to the Congressional Budget Office's score of the bill released Wednesday....

What to Watch in CBO Report on GOP's Health Care Plan
One CBO Number Could
Doom GOP Health Plan
the rundown

One CBO Number Could Doom GOP Health Plan

Cost may be bigger factor than estimate on how many will lose coverage in GOP plan

(Newser) - How much will it cost and how many people will lose insurance? Expect answers to those questions to dominate when the nonpartisan Congressional Budget Office releases its official assessment of the GOP plan to replace ObamaCare. It could come as early as Monday. Related coverage:
  • The New York Times offers

CBO: ObamaCare Will Cost 20% Less Than We Thought

Revised estimates come in well under initial ones 5 years ago

(Newser) - When the CBO was crunching numbers back in 2010 on how much ObamaCare would cost the federal government, it came up with a figure of $710 billion for fiscal years 2015 to 2019. Yesterday, the agency cut that by 20% to $571 billion, reports the New York Times . CBO chief...

Minimum Wage Hike Will Help 16.5M, Cost 500K Jobs
Minimum Wage Hike Would Help 16.5M, Cost 500K Jobs

Minimum Wage Hike Would Help 16.5M, Cost 500K Jobs

CBO says Dems, GOP both right on Obama plan

(Newser) - Democrats argue that President Obama's plan to raise the minimum wage will lift people out of poverty, while Republicans say the move will kill jobs—and the nonpartisan Congressional Budget Office says they're both right. The CBO has stoked debate with a report estimating that the plan to...

Is the ObamaCare Labor Bombshell Good News?

Pundits divided on implications of CBO report

(Newser) - On the face of it, the Congressional Budget Office report saying ObamaCare could shrink the full-time workforce may sound bad—but some pundits weighing in suggest it could actually be beneficial. Here's a sampling of what they're saying:
  • To the editors of the New York Times , it's

CBO: Workers to Trim Own Hours Under ObamaCare

Analysts figure it's the equivalent of 2M full-time jobs

(Newser) - ObamaCare returned to the headlines today, with a Congressional Budget Office report predicting that the law would reduce the number of hours worked by Americans over the next several years a lot more than expected, reports the Hill . Figure the equivalent of 2.3 million full-time positions by 2021, says...

As Deficit Plummets, Feds Actually Saw Surplus in Dec.

Fiscal Q1 figures were looking decidedly up, CBO reveals

(Newser) - Don't look now, but after years of congressional dogfights, the federal budget deficit is in pretty good shape. The deficit plummeted by more than a third in October, November, and December—the first three months of fiscal 2014—the Congressional Budget Office announced yesterday, Reuters reports. In fact, December...

8M Immigrants Would Gain Legal Status in Reform: CBO

But measure would cut federal deficit over two decades, says nonpartisan analysis

(Newser) - About 8 million immigrants living unlawfully in the US would initially gain legal status under sweeping legislation moving toward a vote in the Senate, the Congressional Budget Office said today. The CBO also said the bill would push federal deficits lower in each of the next two decades. The eagerly...

Ex-Presidents Cost US $3.7M Last Year

Nancy Reagan waived her $20K pension

(Newser) - Don't expect this budget item to be chopped any time soon: The government spent $3.7 million on the four living ex-presidents last year, excluding Secret Service costs, according to a Congressional Research Service report. The cash covered pensions, benefits for office staff, and expenses like travel and postage,...

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