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Feb 19 2014
Would a $10.10 minimum wage really cost 500,000 jobs? Obama and CBO at odds. (+video)
While the White House disputed the CBO's prediction, the overall evidence in the new report did imply that the benefits of the minimum wage hike - higher income and reduced poverty - may outweigh the costs.Christian Science Monitor
Feb 18 2014
Minimum Wage Hike Could Lift 900,000 Out Of Poverty But Also Cost Jobs: CBO Report
The Congressional Budget Office released a report Tuesday concluding that the Democrats' proposal to raise the minimum wage would reduce poverty but also cost the economy jobs, providing fodder to both sides of the aisle.HuffPost
Feb 01 2021
US Economic Productivity to Reach Pre-Pandemic Levels by Mid-2021, CBO Says
U.S. GDP will likely return to pre-pandemic levels in mid-2021 and surpass its potential level in early 2025, according to a Congressional Budget Office report released Monday. The civilian labor force and the employment rate are expected to return to pre-pandemic levels by 2022 and 2024, respectively. Real GDP growth is expected to hit 4.6% in 2021 and then decline, resulting in an averageCNBC Bloomberg Washington Examiner
Sep 26 2022
Biden’s student loan cancellation plan to cost $400B, Congressional Budget Office estimates
President Joe Biden's plan to forgive $10,000 in federal student debt for most borrowers will cost the government about $400 billion, the nonpartisan Congressional Budget Office said in an estimate released Monday.
The CBO’s evaluation of the administration's policy said the price tag is "a result of the action canceling up to $10,000 of debt issued on or before June 30, 2022."NBC News (Online)
Sep 26 2022
Biden’s $10,000 Student Loan Relief Plan Would Cost $400 Billion, CBO Estimates
President Joe Biden’s student loan debt relief plan would increase the cost of the federal student loan program by about $400 billion over 30 years, the nonpartisan Congressional Budget Office said Monday.
This cost would add to the federal deficit by reducing the loan repayments taken in by the Treasury each year. The effect would gradually taper off until about 2052, the CBOForbes NBC News (Online) Washington Examiner
Sep 10 2022
White House Makes Last-Ditch Effort To Salvage Biden’s Economic Record Ahead Of Midterms
The White House has touted an economic recovery in the U.S. ahead of the midterm elections, even as many Americans remain underwater economically.
The White House published a 58-page “economic blueprint” in September touting the fastest job recovery in 40 years, the creation of 3.7 million jobs and the unemployment rate standing at a near-50-year low of 3.7%. The report noted that thisThe Daily Caller
Aug 19 2022
U.S. Treasury Disputes Finding That New IRS Funding Would Increase Middle-class Taxes
As a political messaging war rages over $80 billion in new Internal Revenue Service funding, a U.S. Treasury official is pushing back on an informal estimate that the money could cause Americans earning less than $400,000 to pay as much as $20 billion more in taxes over a decade.
Republicans have seized on the Congressional Budget Office (CBO) estimate, claiming Democratic President JoeInternational Business Times
Nov 18 2021
House Closes In on Vote on $2 Trillion Social Spending and Climate Bill
Congress’s nonpartisan scorekeeper said it would complete its analysis of Democrats’ roughly $2 trillion education, healthcare and climate package on Thursday, opening the door to the House approving the bill as soon as this evening.
The expected estimates from the Congressional Budget Office have been central to Democrats’ efforts to pass the legislation in the House. A group of fiveWall Street Journal (News)
Apr 01 2022
Senate finalizing $10 billion deal on coronavirus aid
Senators are finalizing an agreement to provide $10 billion in new coronavirus aid as they race to try to pass a bill before a two-week break set to start in days.
Senators negotiating the deal signaled that they were close to a finalized agreement, but said they were still ironing out legislative text, waiting for an analysis from the Congressional Budget Office (CBO) and hagglingThe Hill
Aug 10 2022
Media Bias Alert: Partisan Divide Emerges on Democrats’ Inflation Reduction Act
Each week, AllSides Media Bias Alerts examine media bias in coverage of a major or important story using the AllSides Media Bias Ratings™ and our AllSides Media Bias Chart™.
The Inflation Reduction Act (a scaled-back version of Biden’s defunct Build Back Better legislation) recently passed in the Senate after over a year of negotiation. Worth roughly $740 billion, the bill containsClare Ashcraft