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The Latest Breaking News from CBO

Karl W. Smith: Today's debt ceiling is tomorrow's dreaded debt bomb

As disconcerting as the U.S.’s current debt situation is, the outlook is even worse. When the bipartisan Congressional Budget Office updated its forecasts this month, it estimated that debt held by the public will climb to $46 trillion by 2033 from $31 trillion currently. This puts the country one step…

Tribune News Service

Paul Krugman Says Social Security Is Sustainable. It's Really Not.

Krugman sees benefit cuts as "a choice" but believes that implementing a massive tax increase on American employers and workers would be "of course" no big deal.

Reason

Think tank out with new debt limit timing projection

WASHINGTON — The government will run out of cash to pay its bills by “summer or early fall” unless Congress lifts the statutory debt limit, the Bipartisan Policy Center estimated Wednesday.

Tribune News Service

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Think tank out with new debt limit timing projection - Roll Call

The government could run out of cash to pay its bills by “summer or early fall," the Bipartisan Policy Center estimated Wednesday.

Roll Call

Social Security and Medicare: Troubling math, tough politics

It seems no one wants to cut Social Security or Medicare benefits

The Independent UK

U.S. Will Add $18.8 Trillion in New Debt by 2033

Plus: Age verification for social media, a bill to ban cannabis "gatherings," and more...

Reason

First Thing: US could default this summer unless $31.4tn debt ceiling raised

Historic federal debt default could occur before July, cautions non-partisan agency. Plus, whatever happened to middle age?

The Guardian - UK

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Government will hit debt limit as soon as July, CBO says

WASHINGTON — The federal government will run out of cash to pay all its bills sometime between July and September unless the statutory debt limit is lifted, the Congressional Budget Office warned Wednesday.

Tribune News Service

CBO: Debt limit to hit as soon as July, budget picture worsens - Roll Call

The federal government could run out of cash to pay all its bills sometime between July and September unless the debt limit is lifted.

Roll Call

The State of Our Union Sucks

The bipartisan (if shouty!) embrace of big-government nationalism ensures our populist moment won't end any time soon.

Reason

Millennials and Gen Z won't have enough kids to sustain America's population—and it's up to immigrants to make up the baby shortfall

Immigrants will make up for the lag in new births in the U.S. in the coming decades, a recent government report predicts.

Fortune

Whatever the Fate of the Fair Tax Act, Congress Should Still Abolish the IRS

Getting rid of the much-despised tax agency would be a good idea. It’s unlikely to happen anytime soon.

Reason

Prolific booze and meat thief 'caused misery' to shop owners in town

Nicola Gregory appeared before a court last month

Manchester Evening News

Congress Can Reduce the Deficit by $7.7 Trillion in 10 Years

The Congressional Budget Office projects that future deficits will explode. But there's a way out.

Reason

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Reason

Biden's Spending Spree Is Unprecedented

Instead of redirecting course, Biden is continuing Trump’s spending legacy.

Asharq Al-Awsat

$16b Total Assets of Oman’s Islamic Banking Sector

The total assets of Oman’s Islamic banking sector, including Islamic banks and windows operating in the sultanate, jumped by 9.1 percent year-on-year to reach at RO6.4 billion ($16.6 billion) by late September 2022. Oman’s Islamic banking assets now account for 16.2 percent of the country’s total banking system assets, according…

Roll Call

With thousands of hungry troops, DOD urges limited income hikes - Roll Call

With thousands of troops having trouble paying for food, lawmakers are pushing the Pentagon for bigger, targeted pay increases.

Manchester Evening News

Action taken after dogs recorded barking 1,600 times in 20 MINUTES in 'one of the worst cases of noise nuisance ever'

John Peter Laveric has been banned from keeping dogs

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Bristol Post

Man banned from city centre after acts of aggression towards emergency services workers

"Royston’s behaviour within this zone has caused considerable harassment, alarm and distress"

Reason

The Political Class Has Consistently Ignored Warnings of Fiscal Doom. Now Americans Are Paying the Price.

Warnings of inflation and rising interest rates have long been tied to high and rising debt levels.

Reason

Here's Why Biden Is Wrong About the Deficit

His administration has expanded deficits by $400 billion more than expected, even before we count recent spending.

Reason

Throwing Money at the IRS Won't Fix Its Problems

Can the government turn $80 billion into $204 billion? Probably not.

The Independent UK

Biden slashes back student loan relief plan as Republican launch lawsuits

Changes expected to affect some 770,000 borrowers, official said

Tribune News Service

Editorial: Another $400 billion, but who will ever notice?

Democrats want to talk abortion, abortion, abortion, hoping intently that voters don’t notice the economy, the economy, the economy. But amid a steady torrent of bad economic news, the party faithful may be engaging in a mission of futility.

Reason

Biden's Student Loan Debt Forgiveness Plan Now Estimated To Cost $400 Billion

According to a new report for the Congressional Budget Office, student loan debt forgiveness will likely completely wipe out gains made by the Inflation Reduction Act—and then some.

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