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The Latest Breaking News from CBO

The U.S. Needs a Fiscal Commission Because Congress Won't Do Its Job

In the last 50 years, when the budget process has been in place, Congress has managed only four times to pass a budget on time.

Reason

20 Years to Disaster

"The United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt."

Reason

GOP IRS cut for Israel increases deficit

"Republicans never miss a chance to protect their billionaire donors," said Sen. Sheldon Whitehouse, D-R.I.

Salon

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Is Chaos the Natural State of Congress?

The federal budgeting process was broken long before Matt Gaetz and Kevin McCarthy's recent spat.

Reason

Spending Recklessly in Good Times Is a Recipe for Disaster in Bad Times

Years ago, when interest rates were low, calls for the federal government to exercise fiscal restraint were dismissed. That was unwise.

Reason

‘Difficult and expensive’: US report raises Aukus doubts after Joe Biden reassures Anthony Albanese at White House

Congressional report says sale of three to five Virginia class submarines would cut the number available to the US navy fleet

The Guardian - AU

Americans Learned a Lesson About Interest Rates. Washington Has Not.

Higher rates lead to more debt, and more debt begets higher rates, and on and on. Get the picture?

Reason

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The Debt Crisis Is Getting Real

Rising bond yields mean the national debt is going to be a lot more expensive in the next few years, and we just keep adding to it.

Reason

Welfare Cuts Are Inevitable Because Congress Won't Touch Social Security

Until Congress is willing to acknowledge that it makes no sense to send monthly checks to wealthy seniors, everything else will be on the chopping block.

Reason

The U.S. Government's Bad Credit Means Higher Costs for Us All

Federal officials ignore repeated warnings, and we all pay the price.

Reason

U.S. Credit Rating Downgrade Is a Sign of Government Dysfunction

The national debt has ballooned from $14 trillion to $32 trillion in a little over a decade.

Reason

Federal Government’s Massive Fiscal Shortfall Revealed In Treasury Report

U.S. Treasury's Shocking Report: $124.1 Trillion in Debts and Unfunded Obligations

Zenger

The “Inflation Reduction Act” Will Do Almost Nothing That Joe Manchin Says It Will

By James D.

Zenger

Congressional Budget Office predicts slower economic growth and 4.7% unemployment into 2024

The Congressional Budget Office reports that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024

The Independent UK

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Reason

Under Multiple Budget Scenarios, the Government's Numbers Still Don't Add Up

Balanced federal budgets aren’t even considered as a possibility.

Reason

Why Did Joe Biden Stop Talking About the Deficit?

The federal budget deficit has exploded under Biden's watch, and he can no longer pretend otherwise.

Reason

Biden's Latest Student Loan Scheme Has a Bigger Price Tag Than Originally Projected

The administration’s SAVE plan for student loan forgiveness is estimated to cost $475 billion.

Fortune

It takes $650,000 a year to reach America’s top 1%

Meanwhile, there are some states where the bar for reaching the wealthiest 1% is a lot lower.

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Reason

Biden's Changes to Income-Based Student Loan Repayment Could Cost Billions

Biden plans to slash minimum monthly payments to just 5 percent of borrowers' income.

Tribune News Service

Editorial: Budget agency pours ice water on Biden parade

How fitting that the Congressional Budget Office released its long-term fiscal projections Wednesday, the same day that President Joe Biden began his economic rehabilitation tour.

The Guardian - UK

‘I want to tell people that prison life is super dead’: Digga D on rap stardom amid police restrictions

A criminal behaviour order allows the Met police to vet the lyrics of this chart-topping star. It’s unfair and manipulative, he says – but he’s also understanding the scale of his influence

Roll Call

At the Races: Redistricting redux - Roll Call

The CQ Roll Call newsroom tracks campaigns nationwide, sharing the best stories, with some extras, in the At the Races newsletter.

Axios

CBO data shows why deficits should matter again

There was a widening bipartisan sense that fiscal deficits don't really matter. Now, they do again.

Reason

CBO Projects Huge Deficits, $116 Trillion in New Borrowing Over the Next 30 Years

A new Congressional Budget Office report warns of "significant economic and financial consequences" caused by the federal government's reckless borrowing.

Tribune News Service

Biden-McCarthy deal fails to tame US debt as Republicans demand cuts

The debt limit accord between President Joe Biden and House Speaker Kevin McCarthy won’t stave off a long-term fiscal crisis, nonpartisan U.S. budget analysts warned Wednesday, adding fuel to fiscal conservatives’ push for deep spending cuts.

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