Congressional Budget Office

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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 »

Social Security to Be Drained by 2037

System will be permanently in the red unless Congress acts

(Newser) - Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, according to bleaker-than-previous estimates from congressional budget experts. The massive retirement program has been suffering from the effects of the struggling... More »

CBO: Deficit to Hit Record $1.5T

Thanks to tax cut, unemployment extensions

(Newser) - New budget estimates released today predict the government's deficit will hit almost $1.5 trillion this year, a new record. The daunting numbers mean that the government will have to borrow 40 cents for every dollar it spends. The latest figures are up from previous estimates because of bipartisan legislation... More »

GOP's Health Reform 'Analysis' Is Assault on Logic

They don't really believe it will kill jobs, writes Paul Krugman

(Newser) - In their effort to repeal health care reform, the GOP has produced “some numbers and charts to wave at the press”—but they’re not part of any “rational discussion,” writes Paul Krugman in the New York Times . Their figures are, in fact, part of the... More »

ObamaCare Repeal Would Tack $230B Onto Deficit: CBO

Boehner slams claim over 'double-counting'

(Newser) - Republicans have hit a potential roadblock in their quest to dump health care reform: the price. Repeal would add $230 billion to the deficit by 2021, according to an analysis by the nonpartisan Congressional Budget Office. Reform itself, the CBO has said, would reduce the deficit by $143 billion over... More »

Budget Deficit Will Be $1.3T: CBO

But analysts expect it to improve soon

(Newser) - Congress' budget analysts are estimating that this year's federal deficit will exceed $1.3 trillion, slightly below last year's total but still a huge ocean of red ink. The nonpartisan Congressional Budget Office said the enormous shortfall is a result of the still staggering economy, which has meant lower federal... More »

Budget Director Orszag Stepping Down

Senior official's departure expected as soon as next month

(Newser) - White House Budget Director Peter Orszag is planning to leave the administration, Democratic officials say. Orszag will be most senior official to leave the Obama team and his departure could come as soon as next month, insiders tell the Wall Street Journal . Orszag, a former director of the Congressional Budget... More »

Social Security to Take In Less Than It Pays Out in 2010

Payouts exceeding revenue 6 years ahead of predictions

(Newser) - The recession has battered Social Security, too: The program will pay out more in benefits than it receives in payroll taxes this year, says the Congressional Budget Office. The system hadn't been expected to reach its "tipping point" until 2016. The change will have no effect on benefits, but... More »

Why This Bill Is Right —and Why It's Wrong

Pundits make closing arguments on health care before vote

(Newser) - This weekend's vote on health care reform is the main agenda for today's pundits:
  • Eugene Robinson, Washington Post : "If health-care reform finally staggers across the finish line, it will be because President Obama and congressional Democrats recognized—at long last—the truth that has been staring them in the
... More »

CBO Numbers 'Thoroughly Gamed' and Useless

The health bill is a fiscal time bomb, writes Megan McArdle

(Newser) - Under reconciliation rules, Democrats had to improve the budget numbers in the health care bill by $1 billion. Surprise, surprise: Today's CBO analysis shows "they improved it by exactly $1 billion," writes Megan McArdle. She sees it as further proof that "the CBO process has now been... More »

3 Big Myths About Health Care Reform

Don't be taken in by misinformation, warns Paul Krugman

(Newser) - Health care reform has made a miraculous comeback but its opponents are going to try to hoodwink the public with misinformation and lies down the home stretch, writes Paul Krugman. He outlines "three big myths" about reform in the New York Times .
  • "The government is grabbing control of
... More »

Obama Will Create His Own Deficit Panel

But it'll be weaker than the one the Senate rejected yesterday

(Newser) - In his State of the Union address tonight, Barack Obama will announce the creation of a panel to devise recommendations for reducing the national debt—a day after a proposal for a similar commission failed in the Senate. But Obama’s version will be established by executive order, and, unlike... More »

CBO Predicts Hefty Deficit, Jobless Figures

Senate, meanwhile, rejects bipartisan panel on red ink

(Newser) - The CBO issued some bleak news today about the economy and prospects for a quick recovery. The nonpartisan agency predicted a $1.35 trillion budget deficit this year—on par with last year's record of $1.4 trillion—and unemployment averaging 10.1%. The forecast for next year doesn't look... More »

Senate Deal Includes 'Triggered' Public Option

Option will be revived if insurers fail to provide nonprofit plans

(Newser) - The Senate compromise on health care reform means the public option is dormant but not dead, according to an aide party to negotiations. The tentative deal reached last night will give insurance companies the option of creating nonprofit insurance plans to be offered on exchanges, but a federal public option... More »

CBO: Most Premiums Won't Rise Under Health Bill

People under employer plans will see rates fall or remain steady

(Newser) - Fears that the health bill before the Senate will send the cost of most health insurance plans skyrocketing are unfounded, according to a Congressional Budget Office report. The CBO found that premiums for people covered by employer plans will remain steady or drop slightly under the bill, while people buying... More »

CBO Estimate: Senate Health Bill Costs $849B

Figure clears the way for Reid to get measure rolling

(Newser) - Legislation headed to the Senate floor would extend health care coverage to 31 million uninsured Americans at a cost of $849 billion over a decade, says a senior Democratic aide. The long-awaited figures come from the Congressional Budget Office, clearing the way for Harry Reid to move forward. The bill... More »

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