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Keyword: cbo

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  • Tax revenue increased 33% since Trump-era tax reform, while spending jumped more than 50%, CBO says

    02/14/2024 10:14:21 PM PST · by CFW · 10 replies
    Just the News ^ | 2/14/24 | Nicholas Ballasy
    Federal tax revenue increased 33% since Congress passed the Trump-era tax reform bill in 2017, while spending increased more than 50% over that same time frame. The data is contained in the Congressional Budget Office's recently released 10-year budget outlook. "Measured as a share of the economy, tax revenue averaged 17% of gross domestic product in the years since the TCJA was passed, the same share as in 2017, and would have been higher if not for the pandemic and associated economic shutdowns," wrote Alfredo Ortiz, president and CEO of the Job Creators Network. "The CBO projects the tax share...
  • CBO projections and Peterson’s urgent warning highlight impending fiscal crisis in the United States.

    02/07/2024 6:00:11 PM PST · by davikkm · 5 replies
    In the intricate dance of economic forecasts and fiscal warnings, the recent release of the Congressional Budget Office’s (CBO) 10-year Budget and Economic Outlook has cast a shadow over the nation’s financial landscape. Michael A. Peterson, CEO of the Peter G. Peterson Foundation, steps into the spotlight with a resounding call for action as he decodes the ominous projections and highlights the pressing need for a bipartisan fiscal commission. As the digits on the deficit ticker continue to climb, Peterson’s warning resonates as a siren in the night, alerting us to the impending storm of unsustainable national debt. Over the...
  • CBO: Biden Admin Has Released 6.2 Million Illegal Migrants into U.S. in 3 Years, Often Through ‘Parole’ Loophole

    01/23/2024 7:47:22 AM PST · by ChicagoConservative27 · 31 replies
    Breitbart ^ | 01/23/2024 | NEIL MUNRO
    President Joe Biden’s deputies have let 6.2 million illegal migrants into the United States, according to the Congressional Budget Office (CBO). Biden’s southern inflow is more than one migrant for every two American births since January 2021. “More of those people are also being released into the United States than previously, generally through the use of parole authority or with a notice to appear before an immigration judge,” said the report, titled “The Demographic Outlook: 2014 to 2054.”
  • CBO Report Forecasts U.S. Unemployment to Hit 4.4%, Impacting 7.4 Million Amid Economic Contractions; Homelessness is Surging, and Bond Markets Are Signaling Recession.

    12/19/2023 5:29:43 AM PST · by davikkm · 11 replies
    A recent Congressional Budget Office (CBO) report has cast a shadow over the U.S. economic landscape, predicting a rise in unemployment from the current 3.9% to 4.4% by the end of 2024. This sobering forecast suggests potential job losses for approximately 7.4 million Americans, highlighting the precarious nature of the workforce amidst a contracting gross domestic product (GDP). The CBO attributes the anticipated increase in unemployment to economic adjustments and policy shifts. As the nation grapples with these changes, weaker consumer spending is expected into the next year, along with a contraction in nonresidential investment. These factors are projected to...
  • House GOP blasts CBO projection that Biden-McCarthy debt limit deal would actually EXPAND SNAP

    05/30/2023 9:05:32 PM PDT · by AnthonySoprano · 5 replies
    Fox ^ | 05/30/2023 | Elizabeth Elkind
    CBO says that Deal would expand a welfare program. Fox News Digital asked Rep. Lauren Boebert, R-Colo., for her reaction to the CBO update as the congresswoman was leaving a closed-door conference meeting. She replied sarcastically, "Yay debt." The simple answer is the CBO got it wrong," House Financial Services Chair Patrick McHenry, R-N.C., said at a late night press conference.
  • CBO Estimates Debt Ceiling Deal Will Cut Debt By $1.5 Trillion

    05/30/2023 7:07:41 PM PDT · by ChicagoConservative27 · 40 replies
    Breitbart ^ | 05/30/2023 | John Carney
    The debt-ceiling deal negotiated by President Biden and Speaker Kevin McCarthy will reduce the U.S. government’s debt by $1.5 trillion over the next decade, the Congressional Budget Office estimated Tuesday. In a letter to Rep. McCarthy (R-CA), CBO director Phillip Schwagel said the agency projected the deal’s caps on discretionary spending in 2024 and 2025 would reduce outlays by $1.3 trillion over the next 1o years. Mandatory spending would fall by $10 billion. Revenues are projected to fall by $2 billion due to cuts to funding for enforcement by the Internal Revenue Service. Interest on the public debt would decline...
  • CBO: Federal Debt Payments Up 41 Percent Thanks to Higher Interest Rates

    04/11/2023 7:37:09 AM PDT · by Twotone · 25 replies
    National Review ^ | April 10, 2023 | Philip Klein
    The Congressional Budget Office on Monday revealed that the cost of payments on the federal debt soared 41 percent in the first six months of the fiscal year thanks to higher interest rates — driving the deficit up to $1.1 trillion over the period. Top Financial Stories Argentina Shouldn’t Expect a ‘Dead Cow’ Bounce Marcos Falcone NRPLUS Garett Jones Rethinks Immigration Policy Dominic Pino NRPLUS Lessons from Nigel Lawson Andrew Stuttaford NRPLUS Under President Biden, massive spending has fueled not only high deficits but also inflation. The Federal Reserve Board has pursued an aggressive rate-increasing campaign to try and tame...
  • CBO: National debt to reach $46 trillion by 2033, 118% of GDP

    02/19/2023 4:00:46 PM PST · by Twotone · 18 replies
    Just The News ^ | February 15, 2023 | Nicholas Ballasy
    The Congressional Budget Office said Wednesday the national debt will reach 118% of GDP by 2033 – the highest level ever recorded – and continue to rise "if current laws generally remained unchanged." The projections were part of the nonpartisan office's "Budget and Economic Outlook: 2023 to 2033." According to the report, the national debt is projected to increase by $22 trillion over the next 10 years, reaching $46 trillion by 2033. An analysis of the report by the Committee for a Responsible Federal Budget found the nation's deficit will total $1.4 trillion for fiscal 2023 and "more than double...
  • CBO projects US will add $19 trillion to the national debt in the next decade

    02/16/2023 9:14:09 AM PST · by ChicagoConservative27 · 13 replies
    NY Post ^ | 02-16-2023 | Victor Nava
    The US is on target to eclipse previous economic forecasts and add a staggering $19 trillion to the national debt in the next 10 years, according to the nation’s budget scorekeeper. In a report released on Wednesday, the Congressional Budget Office warned that one way or another, through tax hikes or spending cuts, the country’s fiscal course needs to be corrected. “Over the long term, our projections suggest that changes in fiscal policy must be made to address the rising costs of interest and mitigate other adverse consequences of high and rising debt,” CBO Director Phillip Swagel wrote in a...
  • CBO: Deficits will rise to $2 trillion per year over the next decade

    02/15/2023 6:09:46 PM PST · by SeekAndFind · 15 replies
    Hotair ^ | 02/15/2023 | John Sexton
    Just last month the NY Times published a story about the growing US debt. The story relied on what were, at the time, the most recent estimates from the Congressional Budget Office.America’s debt is now six times what it was at the start of the 21st century. It is the largest it has been, compared with the size of the U.S. economy, since World War II, and it’s projected to grow an average of about $1.3 trillion a year for the next decade.Today, the CBO put out a new estimate which is significantly worse. Now the US is projected to...
  • How Much Worse Can the Biden Economy Get in 2023? The CBO Weighs in.

    12/03/2022 6:50:22 AM PST · by george76 · 22 replies
    Townhall ^ | December 02, 2022 | Spencer Brown
    In 2022, Americans did not see much, if any, relief from the economic pain inflicted by the Biden administration in 2021. In fact, things got much worse in several areas. Gas prices hit their all-time highs over the summer as Americans struggled to make ends meet while inflation's lasting effects drained savings, drove up debt balances, and workers' real wages remained negative. Biden's chronically underwater approval — and even worse rating on handling the economy — reflects how unhappy Americans are with Biden's tenure in the Oval Office. For those who may have hoped that things may turn around —...
  • IRS Audits Will Collect More from Middle Class [semi-satire]

    08/22/2022 8:06:55 AM PDT · by John Semmens · 3 replies
    Semi-News/Semi-Satire ^ | 21 August 2022 | John Semmens
    Sen. Mike Crapo (R-Idaho) wanted to know "why did all the Democrats of the Senate vote against my amendment to the legislation that would have prohibited any use of funds to audit Americans with taxable incomes below $400,000 when President Biden's promise was that 'people earning less than $400,000 per year won't pay a penny more in taxes.'" The nonpartisan Congressional Budget Office admitted that the just enacted "Inflation Reduction Act" will initiate IRS audits that are projected to result in $20 billion more taxes being collected from people making less that $400,000. Presidential Press Secretary Karine Jean-Pierre insisted that...
  • Dem Rep. Titus on CBO Estimates Inflation Act Won’t Impact Inflation Much in Next Year: ‘Inflation Is Already Coming Down’

    08/13/2022 3:16:08 PM PDT · by ChicagoConservative27 · 25 replies
    Breitbart ^ | 08/13/2022 | Ian hatchett
    On Saturday’s “CNN Newsroom,” Rep. Dina Titus (D-NV) responded to an estimate by the Congressional Budget Office (CBO) that the Inflation Reduction Act won’t have much of an impact on inflation this year or next year by saying that many economists say “inflation is already coming down. Gas prices are coming down. So, I believe that you will be able to feel it.” Host Fredricka Whitfield asked, “But do you worry that many Americans won’t actually feel the impact of the bill — some of the impact, for a long time? I mean, it’s called the Inflation Reduction Act. But...
  • Graham hopes to sway Manchin against Biden plan with new CBO report

    12/10/2021 11:18:32 AM PST · by ChicagoConservative27 · 10 replies
    The Hill ^ | 12/10/2021 | JORDAIN CARNEY
    Republicans are hoping to sway Sen. Joe Manchin (D-W.Va.) into hitting pause on President Biden's climate and social spending plan — or nixing it altogether — using a new Congressional Budget Office (CBO) report on the cost of the bill if all of its provisions were made permanent. Sen. Lindsey Graham (S.C.), the top Republican on the Senate Budget Committee, mentioned Manchin by name approximately 20 times during a roughly 27-minute press conference Friday on the CBO's findings and new data that showed inflation has hit a nearly 40-year high. "Joe Manchin has been wanting to know without gimmicks what...
  • The Congressional Budget Office (CBO) Takes a Sledgehammer to Joe Biden's 'Build Back Better' Agenda

    12/10/2021 10:11:50 PM PST · by SeekAndFind · 2 replies
    Red State ^ | 12/10/2021 | Bonchie
    For many months now, the White House and Democrats at large have repeated the obvious falsehood that Joe Biden’s “Build Back Better” agenda will cost “zero dollars.” In fact, the Treasury Department, led by Janet Yellen, has actually asserted that the bill lowers the deficit over the long term.Then some weeks back, initial CBO estimates exposed that foolishness for exactly what it was. Contrary to the claims of the administration, the BBB bill would actually raise the deficit by some $160 billion. And to even get to that number, the CBO had to estimate future tax receipts based on provisions...
  • The CBO Just Swept the Leg of Joe Biden's 'Build Back Better' Boondoggle

    11/18/2021 10:09:35 PM PST · by SeekAndFind · 15 replies
    Red State ^ | 11/18/2021 | Bonchie
    While Nancy Pelosi hopes to pass the so-called “Build Back Better” bill tonight in the House, some bad news came down the line from the CBO.Previous commitments were made by some “moderate” Democrats to vote for the bill only if the budget score came back deficit-neutral. But the preliminary numbers are out, and it looks like the CBO has completely debunked the White House’s “it costs zero dollars” talking point.At first, Democrats were cheering on social media after seeing the following post from the CBO.CBO estimates that the funding for tax enforcement activities provided by H.R. 5376, the Build Back...
  • GOP Rep. Jason Smith: Dems Loved the CBO on Trump’s Tax Bill, Now They’re Trying to Discredit It

    11/18/2021 5:59:58 AM PST · by MarvinStinson · 3 replies
    breitbart ^ | 16 Nov 2021 | IAN HANCHETT
    On Tuesday’s broadcast of the Fox Business Network’s “Kudlow,” House Budget Committee Ranking Member Jason Smith (R-MO) stated that Democrats touted the Congressional Budget Office’s score of former President Donald Trump’s tax bill, but are now trying to preemptively discredit the CBO’s scoring of the Build Back Better reconciliation bill and predicted that Democrats won’t like the CBO’s score of the bill. Smith said, [relevant remarks begin around 2:50] “Larry, during the Tax Cut[s] and Jobs Act, the same Democrats said that the CBO was the gold standard in scoring the Tax Cut[s] and Jobs Act. And now, they’re trying...
  • Pelosi pushing futile vote on multi-trillion-dollar spending bill (CBO late Friday, DOA in the Senate)

    11/15/2021 6:10:32 PM PST · by Libloather · 15 replies
    Washington Times ^ | 11/15/21 | Haris Alic
    House Speaker Nancy Pelosi is gearing up for a vote this week on President Biden’s multi-trillion-dollar social welfare legislation, but strong divisions remain among Democrats over the size and scope of the final bill. Mrs. Pelosi told reporters Monday that she was eager to push through the legislation during an event at the White House commemorating Mr. Biden’s signing of the bipartisan infrastructure package. “I’m so happy that hopefully this week we will be passing Build Back Better [legislation] to get tax cuts to America’s working families, to create millions of more jobs, to lower health care costs, and all...
  • CBO: Cost estimate for spending bill will be released 'as soon as practicable'

    11/09/2021 8:40:46 AM PST · by ChicagoConservative27 · 21 replies
    The Hill ^ | 11/09/2021 | NAOMI JAGODA
    Congressional Budget Office (CBO) Director Phillip Swagel said Tuesday that the office will start releasing estimates of portions of House Democrats' social-spending bill this week, and that a cost estimate of the full bill will come out "as soon as practicable." "The analysis of the bill’s many provisions is complicated, and CBO will provide a cost estimate for the entire bill as soon as practicable," Swagel said in a blog post on CBO's website. The comments come as a small group of moderate House Democrats has sought information about the cost of the bill from CBO prior to voting on...
  • June CBO Report Should Be a Wake-Up Call for Congress

    07/23/2021 4:29:16 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | July 23, 2021 | Daniel Savickas
    It hardly seems noteworthy anymore that Congress is proposing trillions of dollars in spending. After a parade of trillion-dollar spending bills over roughly the last year, congressional leaders are rolling out a budget that will pave the way for another $3.5 trillion in spending. The budget accounts for everything from infrastructure, to social welfare, Medicare expansion, and immigration. A package this broad would be irresponsible under any circumstance, but given the recent report by the Congressional Budget Office (CBO), it is especially problematic. On July 9, the CBO released its monthly budget review for June. The numbers did not paint...