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Nov 19 2021
CBO: Biden's 'Build Back Better' Plan Will Add $367 Billion to the Deficit
For months, the White House has been promising that President Joe Biden's massive social spending package would be fully paid for—that is, that tax increases and other revenue-generating aspects of the "Build Back Better" plan would fully offset the nearly $1.7 trillion in proposed new spending.
We now know that's not true.
Biden's plan will add $367 billion to the budget deficitReason
Feb 06 2014
CBO Director: Actually, Obamacare Will Reduce Unemployment
President Obama's health care reform law isn't going to kill 2.5 million jobs, Congressional Budget Office director Douglas Elmendorf told the House Budget Committee on Wednesday.HuffPost
Jul 10 2012
CBO: The rich pay an outsized share of taxes
Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according to the latest analysis Tuesday by the Congressional Budget Office Ã¢â‚¬â€ though the agency said the very richest have seen their share of taxes fall the past few years.
CBO looked at 2007 through 2009 Ã¢â‚¬â€ the latest years data are available, but enough to includeWashington Times
Jun 05 2012
CBO: Federal debt to double in 15 years
The federal government is staring at a disastrous fiscal picture with debt approaching 200 percent of GDP within two decades if Congress doesnt change course on spending and taxes, according to the latest analysis by the Congressional Budget Office released Tuesday.
The CBO said its the worst picture since a brief period during World War II when spending ballooned to fund the militaryWashington Times
Jun 06 2012
CBO: Federal debt to double in 15 years
Federal debt will double by the middle of the next decade and reach more than twice the size of the entire U.S. economy by 2037 unless Congress changes course on taxes and spending, the Congressional Budget Office said in its latest analysis Tuesday.Washington Times
Sep 03 2020
Social Security trust fund to run out by 2031: CBO
The Social Security Old Age and Survivors Insurance fund, which pays out retirement benefits, is on track to run out in 2031 as the economic fallout from the COVID-19 pandemic takes its toll, according to a Wednesday report by the Congressional Budget Office.
Without congressional action to address the shortfalls, the depletion of the fund would lead to benefit cuts for retirees.The Hill
Jul 13 2017
CBO: Trump's budget doesn't balance federal ledger
A new government analysis of President Donald Trump's budget plan says it wouldn't come close to balancing the federal ledger like the White House has promised.ABC News (Online)
Feb 01 2021
CBO Sees a Stronger U.S. Recovery After Stimulus Moves in 2020
The Congressional Budget Office said it sees the U.S. economy recovering from the coronavirus pandemic much faster than previously expected -- an upgrade that potentially complicates prospects for President Joe Biden’s $1.9 trillion relief plan.
The CBO, a nonpartisan arm of the legislature, forecasts gross domestic product will increase 1.7% annually from 2020-2024, according to itsBloomberg
Jan 27 2015
The CBO's Good News, Bad News Economic Report
The federal deficit is on track to its lowest level as a percentage of the economy since 2007, and the economy is stronger than expected.
That's the good news from the nonpartisan Congressional Budget Office's new economic outlook released Monday. "Economic activity will expand at a solid pace in 2015 and over the next few years — reducing the amount of underused resources, or 'slack,'NPR (Online News)
Mar 10 2023
Misinformation Watch: Media Spins Estimates on Biden Budget Proposal
It didn't take long for President Joe Biden's 2024 $6.8 trillion federal government budget proposal to spark misinformation.
Because of opposition in Congress, the plan has very little chance of becoming law. But that didn't stop media outlets and politicians from spreading misleading claims on what the plan will and won't do.
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