Congressional Budget Office

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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... More »

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... More »

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
... More »

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... More »

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... More »

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... More »

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,... More »

CBO: Fiscal Cliff Will Bring 9.1% Unemployment

We need less cliff, more 'gradual slope,' suggests forecast

(Newser) - It's not so much a surprising conclusion as a reminder of what's at stake: The Congressional Budget Office warned today that a failure to head off the fiscal cliff at year's end will probably lead to a new recession next year along with a jump in the... More »

We're Already Feeling the Fiscal Cliff

Report says threat has cost US 1M jobs this year

(Newser) - We're not supposed to go over the "fiscal cliff"—an array of budget cuts and tax hikes that could cut $500 billion out of the economy—until January. But the US is already feeling the effects of the impending budget uncertainty, a report by the National Association... More »

CBO: 'Fiscal Cliff' Could Trigger New Recession

Growth would decrease 0.5%, new report concludes

(Newser) - Don't expect a gentle fall if the US goes over the so-called "fiscal cliff." The Congressional Budget Office has concluded in a report today that if Congress doesn't do something about the impending round of tax hikes and spending cuts, US growth will plunge back into... More »

Court Ruling Leaves 3M More Without Insurance

CBO says ObamaCare will be $84B cheaper, too

(Newser) - The Congressional Budget Office has crunched the numbers on ObamaCare in the wake of the Supreme Court ruling, and two main points emerge, according to the Washington Post and New York Times : More people than expected will go without insurance over the next decade, and the law won't cost... More »

The Tax Rate You Paid in 2009 Was Lowest in 30 Years

Tax cuts plus falling incomes behind drop, CBO says

(Newser) - Anti-tax protesters were a major political force in 2009—which also happens to be the year Americans paid the lowest share of their income to the federal government in at least 30 years, according to the nonpartisan Congressional Budget Office. A CBO analysis released yesterday found that the average tax... More »

Food Stamp Use: Up 70% Since 2007, and Growing

Improving economy will limit recipients after that, says CBO report

(Newser) - We earlier reported that 45 million Americans are currently on food stamps, and a new report out of the Congressional Budget Office puts that number in perspective: The number of food stamp users has jumped 70% since 2007, and shows no signs of stopping. The CBO expects it to rise... More »

ObamaCare to Add $340B to Deficit: Study

But White House shrugs off GOP analysis as 'new math'

(Newser) - The Affordable Care Act isn't going to reduce the deficit as the Congressional Budget Office claims; it's going to expand it by more than $340 billion, according to a new study by Charles Balhous, the GOP trustee for Medicare. Balhous argues that traditional budget math "double counts"... More »

Deficit to Shrink ... to $1.1T

Congressional Budget Office releases its assessment

(Newser) - Good news/bad news time. Good news: The deficit will fall this year, thanks to additional tax revenue and major cuts in government spending. Bad news: It's still going to be $1.1 trillion, according to the Congressional Budget Office estimate released today; last year's total was $1.3... More »

Income of Top 1% Shot Up 275% Since 1979: CBO

And in the process more than doubled their share of all income

(Newser) - The top 1% of income earners saw their after-tax income shoot up a whopping 275% between 1979 and 2007, and in the process more than doubled their share of all income, jumping from 8% to 17%, according to a new report from the Congressional Budget Office . The rest of the... More »

CBO: 'Profound' Challenges Ahead

Deficit should fall, but employment, growth remain low

(Newser) - The picture for 2011 is a glum one—a $1.3 trillion deficit, 9.1% unemployment rate—and it's not going to get much brighter in the next few years, according to a report by the Congressional Budget Office. In it, notes Politico , the CBO warns of "profound... More »

Debt Deal's Winners and Losers

Mitch McConnell, Tea Party at the forefront: Chris Cillizza

(Newser) - The debt-deal dust has yet to settle, but that's not stopping anyone from analyzing its political consequences. In the Washington Post , Chris Cillizza notes the winners:
  • Mitch McConnell was “the Mariano Rivera of the debt deal. He waited until the game was in its final moments, came onto
... More »

Boehner Delays Vote After CBO Says Plan Falls Short

House speaker reworking debt measure to meet projections

(Newser) - John Boehner's debt ceiling plan has had a lousy day: In the latest setback, the Congressional Budget Office says it doesn't cut as much as Boehner thought—the CBO puts the figure at $850 billion over a decade, instead of the $1.2 trillion promised by the House... More »

CBO: Debt Explosion Coming

Ending Bush tax cuts could eliminate deficit, CBO says

(Newser) - Ballooning entitlements threaten to push the national debt bigger than the entire US economy by 2021, and twice that size within 25 years, according to a pessimistic Congressional Budget Office report. “The health care programs are the main drivers of that growth,” wrote the CBO. But with Democrats... More »

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