CBO 2021 Budget Outlook Stirs Debt, Inflation Concerns
Federal Budget
CBO 2021 Budget Outlook Stirs Debt, Inflation Concerns
2021-03-30 20:13:56
by Reece Nations

WASHINGTON — The Congressional Budget Office released its long-term budget outlook last week projecting federal debt held by the public will exceed the nation’s gross domestic product by the year’s end.  The CBO painted a complicated picture in its analysis... Read More

43 Million Americans Don’t Have Enough to Eat
Food Insecurity
43 Million Americans Don’t Have Enough to Eat
2021-03-12 15:31:16
by Tom Ramstack

WASHINGTON -- The COVID-19 pandemic is winding down but lawmakers in Congress said Wednesday their work to halt the hunger that resulted from it continues. This week, an estimated 9.6 million jobs remain lost compared with the start of the... Read More

Pace of Spending for Pandemic Aid? Try $43,000 Every Second
Federal Budget
Pace of Spending for Pandemic Aid? Try $43,000 Every Second

BALTIMORE (AP) — To pay out his coronavirus relief package, President Joe Biden must spend an average of $3.7 billion every day for the rest of this year. That's $43,000 every second of every day until midnight chimes on 2022.   For the... Read More

Once COVID is Slain, Sustainable Budgets Must Be Priority
Federal Budget
Once COVID is Slain, Sustainable Budgets Must Be Priority
2021-03-05 15:25:44
by TWN Staff

WASHINGTON - A Congressional Budget Office report estimating that persistent budget deficits will cause the federal debt to double in size over the next 30 years, "provides a troubling snapshot of America’s fiscal outlook, which we know will only get... Read More

Economic Challenges Difficult, Not Insurmountable
Economy
Economic Challenges Difficult, Not Insurmountable
2021-02-22 17:54:19
by Kate Michael

WASHINGTON — According to experts convened by the political advocacy group The Concord Coalition, the nation’s long standing fiscal, monetary, and economic challenges were made more difficult by the pandemic, but they are not insurmountable.  Leaders from the Congressional Budget... Read More

CBO Report Says US Economy to Return to Pre-Pandemic Levels by Mid-2021
Economy
CBO Report Says US Economy to Return to Pre-Pandemic Levels by Mid-2021
2021-02-01 20:59:56
by Victoria Turner

WASHINGTON - The Congressional Budget Office estimates that the U.S. economy will return to its pre-pandemic level by mid-2021, but employment levels will not fully return to normalcy until 2024. The nonpartisan federal agency that provides budget and economic analyses... Read More

CBO Long Term Outlook Report ‘Doesn’t Look Good’
Federal Budget
CBO Long Term Outlook Report ‘Doesn’t Look Good’
2020-09-28 13:48:52
by Kate Michael

WASHINGTON — The Congressional Budget Office recently released two new outlook reports. These projections are an update of the U.S. deficit, debt, spending, and revenue over the next decade and beyond, given current laws in place. The pair of reports... Read More

Federal Deficit Could Balloon to 13% by 2050, CBO Report Says
Federal Budget
Federal Deficit Could Balloon to 13% by 2050, CBO Report Says
2020-09-22 19:04:57
by Reece Nations

WASHINGTON – The federal debt owed by the United States government is expected to grow over the next 30 years to almost twice the size of the nation’s economy, according to the Congressional Budget Office’s Long-Term Budget Outlook report. While... Read More

CBO Says D.C. Statehood Would Cost $76 Million But ‘Hundreds of Millions’ Could be Saved
Cities
CBO Says D.C. Statehood Would Cost $76 Million But ‘Hundreds of Millions’ Could be Saved
2020-06-18 20:54:02
by Gaspard Le Dem

WASHINGTON -- A new report by the Congressional Budget Office found that D.C. statehood would carry a price tag for taxpayers, but could also result in significant savings if the District takes on costs currently covered by the federal government.... Read More

CBO Says Pandemic Shaved $3.9 Trillion Off US Economy, Slow Down Will Linger
Economy
CBO Says Pandemic Shaved $3.9 Trillion Off US Economy, Slow Down Will Linger
2020-06-09 21:11:39
by Dan McCue

WASHINGTON - The coronavirus pandemic shaved roughly $3.9 trillion from the U.S. economy and will likely prevent the nation's quarterly growth rate from climbing above zero percent through the end of 2021, the nonpartisan Congressional Budget Office said Tuesday. The... Read More

CBO: May Deficit Down From April, But Still Huge Amid Pandemic
Federal Budget
CBO: May Deficit Down From April, But Still Huge Amid Pandemic

WASHINGTON — The Congressional Budget Office estimated that the federal deficit in May was $424 billion, substantially lower than April’s $738 billion but still the second-largest monthly shortfall since records have been kept. The deficit for the first eight months... Read More

CBO Report Says Federal Highway Fund Could Go Broke In 2022
Transportation
CBO Report Says Federal Highway Fund Could Go Broke In 2022
2020-05-27 19:19:25
by Gaspard Le Dem

WASHINGTON - Federal funding for U.S. highway projects could soon run out, according to a new report by the Congressional Budget Office, a nonpartisan agency that gives lawmakers advice on economic and budgetary matters. The Highway Trust Fund -- a... Read More

CBO Says Coronavirus Outbreak and Response Will Quadruple the Federal Deficit
Federal Budget
CBO Says Coronavirus Outbreak and Response Will Quadruple the Federal Deficit
2020-04-24 20:22:06
by Dan McCue

WASHINGTON - Due to a combination of the passage of multiple economic stimulus bills and a deep recession caused by the coronavirus outbreak, the federal deficit for the 2020 fiscal year will quadruple to $3.7 trillion, the Congressional Budget Office... Read More

CBO: Trump’s Budget Would Add Trillions to Deficit, Even Before Coronavirus
Federal Budget
CBO: Trump’s Budget Would Add Trillions to Deficit, Even Before Coronavirus

WASHINGTON — The Trump administration’s fiscal 2021 budget request would add $5.4 trillion more to the cumulative 10-year deficit than the White House originally estimated, according to a Congressional Budget Office analysis released Monday. That would mean increased deficits during... Read More

Budget Deficit Poised to Break $1 Trillion Despite Strong Economy
Federal Budget
Budget Deficit Poised to Break $1 Trillion Despite Strong Economy
2020-01-28 21:07:47
by Dan McCue

WASHINGTON - The federal budget deficit will likely top $1 trillion this year, despite the continued strength of the U.S. economy, the nonpartisan Congressional Budget Office said Tuesday. The report follows an increase in new spending last year and the... Read More

Federal Deficit Reached $984 Billion in FY2019, Highest in 7 years, CBO estimates
Federal Budget
Federal Deficit Reached $984 Billion in FY2019, Highest in 7 years, CBO estimates
2019-10-10 20:35:07
by Dan McCue

WASHINGTON - The federal deficit reached $984 billion in fiscal year 2019, with spending far out pacing revenue, according to an estimate released by the nonpartisan Congressional Budget Office this week. This would be an increase of $205 billion over... Read More

Federal Deficit Growing Faster Than Expected, Will Top $1 Trillion Next Year, Budget Office Says
Federal Budget
Federal Deficit Growing Faster Than Expected, Will Top $1 Trillion Next Year, Budget Office Says
2019-08-21 18:06:15
by Dan McCue

WASHINGTON - The federal budget deficit is growing faster than expected and will reach $1 trillion next year, the non-partisan Congressional Budget Office said Wednesday. Worse, over the next decade, the federal government will rack up $12.2 trillion in deficits... Read More

Federal Debt on Track to Reach 'Unprecedented' Levels, CBO Says
Economy
Federal Debt on Track to Reach 'Unprecedented' Levels, CBO Says
2019-06-25 21:04:05
by Dan McCue

WASHINGTON - The federal debt is on track to reach unprecedented levels in the next 30 years and will rise to 144 percent of the nation's gross domestic product by 2049 if current laws are maintained, the Congressional Budget Office... Read More

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