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Feb 07 2024
News
U.S. deficit will soar in the next decade, new CBO projections show
The U.S. deficit is expected to climb over the next 10 years with higher interest payments set to account for a historic share of government spending, the Congressional Budget Office said on Wednesday.
Why it matters: New projections from the nonpartisan agency show deficits jumping from $1.6 trillion this year to $2.6 trillion in 2034, alongside a slightly less gloomy prediction for
AxiosJul 26 2023
News
Economy will slow this year, but avoid recession: CBO
The 2024 presidential campaign will take place under a troubled economy, the Congressional Budget Office projected Wednesday, foreseeing slowing growth and rising unemployment.
Growth will dip to less than half a percent in the final quarter of this year, delivering an annual rate of growth in Gross Domestic Product of less than 1%, CBO said.
Things will pick up next year but
Washington TimesNov 01 2023
News
House GOP’s Israel Plan Would Add Billions to Deficit: CBO
Good evening and welcome to what’s sure to be a busy November! Let’s get right to it. House Speaker Mike Johnson’s plan to cut IRS funding to pay for the cost of a $14.3 billion aid package to Israel would add billions to the deficit over the next 10 years, according to a new estimate from the Congressional Budget Office. The nonpartisan budget scorekeeper projected that rescinding more than $
Fiscal TimesNov 01 2023
News
CBO: GOP's IRS Cut Would Reduce Tax Revenue by $26 Billion
The nonpartisan Congressional Budget Office released a review of the House Republicans' plan to provide $14.3 billion in aid to Israel by cutting Internal Revenue Service funding by that amount, saying it will raise the U.S. budget deficit in 2024 by $12 billion.
The data released by the CBO on Wednesday estimated that cutting funding of President Joe Biden's massive IRS agent staffing
Newsmax (News)Apr 19 2024
News
Trillion-Dollar Deficits Explain Why Inflation Keeps Hitting Americans
Economists sounded surprised recently when inflation remained above expectations for the third straight month, likely keeping interest rates elevated for the foreseeable future. If they looked in Washington’s direction, they shouldn’t be. Two reports from the Congressional Budget Office (CBO) explain the dilemma our economy faces. In the short term, significant and persistent deficits caused
The FederalistJun 28 2013
News
The Facts on CBO's Immigration Report
Two senators opposed to the Gang of Eight immigration bill are telling only half the story with their claims that the nonpartisan Congressional Budget Office warned the bill would be bad for wages and unemployment.
FactCheck.orgNov 01 2023
News
House GOP Proposal To Offset Israel Aid With IRS Cuts Would Increase Deficit, CBO Finds
The House GOP plan to offset $14.3 billion in aid for Israel by slashing the same amount of funds meant for the Internal Revenue Service (IRS) would add to the federal deficit, according to a new analysis. A cost estimate released by the Congressional Budget Office (CBO) found the proposed $14.3 billion cut to IRS funding would “decrease revenues by $26.8 billion over the 2024–2033 period,
The Daily WireNov 01 2023
News
House GOP Plan To Offset Israel Aid With IRS Funding Would Expand National Debt Via Reduced Enforcement: CBO
House GOP Plan To Offset Israel Aid With IRS Funding Would Expand National Debt Via Reduced Enforcement: CBO A GOP plan to offset $14.3 billion in aid to Israel by reducing the IRS's roughly $60 billion boost from the Inflation Reduction Act ($80 billion less negotiated cuts) would backfire and add around $30 billion to the national debt, because - according to both the CBO and the Committee
ZeroHedge