Congressional Budget Office

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We&#39;re Already Feeling the Fiscal Cliff
 We're Already 
 Feeling the 
 Fiscal Cliff 
new report

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...

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...

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...

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...

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...

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"...

Deficit to Shrink ... to $1.1T
 Deficit to Shrink ... to $1.1T 
CBO report

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...

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...

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...

Mitch McConnell, Tea Party, President Obama Winners in Debt Deal: Chris Cillizza
 Debt Deal's 
 and Losers 

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

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...

CBO: Debt Explosion Coming
 CBO: Debt Explosion Coming 

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...

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...

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...

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

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...

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...

Budget Deficit Will Be $1.3T: CBO
Budget Deficit Will Be $1.3T: CBO

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...

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...

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...

Why This Bill Is Right &mdash;and Why It's Wrong
Why This Bill Is Right
—and Why It's Wrong
The final push

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

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