The Congressional Budget Office says it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February.

The nonpartisan Congressional Budget Office says it expects the federal government will be awash in debt over the next 30 years.

The Congressional Budget Office says it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion.

The U.S. Treasury has announced that the nation’s gross national debt has surpassed $34 trillion.

The Congressional Budget Office says it expects inflation to nearly hit the Federal Reserve’s 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.

Even President Joe Biden has some regrets about the name of the Inflation Reduction Act.

The Congressional Budget Office reports that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024.

The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers.

Even with new spending restraints included in the congressional debt limit deal, the U.S. government’s deficits are still on course to keep climbing to record levels over the next few decades.

Proposals to raise the nation's debt limit include spending cuts to coronavirus relief funds that haven't been used.

The Congressional Budget Office says this year’s projected federal budget deficit has jumped by $130 billion.

That big infusion of cash that Congress approved last year to shape up the beleaguered IRS is having an unexpected side benefit.

Treasury Secretary Janet Yellen has notified Congress that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend the nation’s borrowing authority before then and avert what could potentially become a global financial crisis.

House Republicans are pushing their top priorities in a bill to raise the debt limit.

House Republicans are pushing their debt ceiling package to a vote.

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

The Congressional Budget Office says it expects the U.S. economy to stagnate this year.

The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday.

The Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 billion over the next 30 years.

In a story published July 30, 2022, The Associated Press reported that the Congressional Budget Office estimated that an insulin bill would increase the price of the drug.

The Congressional Budget Office says that high inflation will persist into next year.

The House has passed legislation that would devote more federal resources to preventing domestic terrorism in response to the racist mass shooting in Buffalo, New York.

The House has passed legislation that would dramatically boost health care services and disability benefits for veterans exposed to toxic burn pits in Iraq and Afghanistan.

Democrats’ $1.85 trillion package of social and climate initiatives seems afflicted by a maddening parade of hurdles.

The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion in 2020.

The Democrats’ social spending and climate change bill would put the United States back on a path to reducing its persistent pool of uninsured people.

The Treasury Department says the U.S. budget deficit rose to $2.71 trillion through August.

The U.S. budget deficit hit $2.54 trillion for the first 10 months of this budget year, fed by spending to support the country after the pandemic-induced recession.

Senators are struggling to wrap up work on the bipartisan infrastructure plan.

The signs and banners are dotted along suburban commercial strips and hanging in shop windows and restaurants, evidence of a new desperation among America’s service-industry employers: “Now Hiring, $15 an hour.”.

Senators negotiating two colossal bills that would deliver more than $4 trillion for infrastructure, health care, environment and other initiatives keep insisting both bills will be fully paid for.

The Congressional Budget Office says the federal budget deficit will again hit $3 trillion this year.

That is down dramatically from 14.8% last April, just after the virus erupted in the United States. AdAlso hiring last month were retailers, which added 41,000 jobs, health care companies, with 46,000, and manufacturers, with 21,000. But state and local governments have slashed 1.4 million jobs since the pandemic erupted, including 86,000 last month, and most have instituted hiring freezes. The Congressional Budget Office projects the nation will add a substantial 6.2 million jobs this year. Sounding an optimistic note, he said: “There’s good reason to expect job creation to pick up in the coming months."

The version sent to the Senate won’t include a plan to raise the minimum wage. “When it comes to the minimum wage, I am going to be one of the loudest screamers about it,” Dingell said Feb. 7. “There will be a lot of discussions about minimum wage and you may see it being moved as a separate bill,” Dingell said. The last time the federal minimum wage was raised was July 24, 2009. It is currently the longest period the U.S. has gone without raising the federal minimum wage since it was instituted in 1938.

The U.S. government's budget deficit hit $735.7 billion through the first four months of the budget year, an all-time high for the period, as a pandemic-induced recession cut into tax revenues while spending on COVID relief measures sent outlays soaring. The Treasury Department reported Wednesday, Feb. 10, 2021, that the deficit so far for the budget year that began Oct. 1 is 89% higher than the $389.2 billion deficit run up in the same period a year ago. Still, the deficit could soon be revised upward if President Joe Biden's $1.9 trillion coronavirus relief package becomes law. The CBO expects the budget deficit to fall to about $1 trillion in 2022 as the economy heals and there is less need for government spending. AdSeveral decades of deficit spending has meant that the total federal debt held by the public is slightly larger than GDP.

Less than three weeks into his presidency, Biden has declared that vanquishing the virus and resuscitating the economy are his top priorities. AdHouse Education and Labor Committee Democrats also previewed their plans Monday. Couples who make up to $150,000 would be entitled to $2,800 relief payments, which would gradually diminish and fully disappear for those earning $200,000. Biden has said he will not allow the per-person payments to fall below $1,400 but has indicated flexibility on the income thresholds. A federal law known as COBRA already allows them to temporarily keep their old employer’s health plan, but they typically have to pay prohibitively high premiums.

Based on the CBO's projections, economic growth would be the strongest since 1999. While the growth estimates suggest a quick snapback in gross domestic product, the CBO projection shows that hiring will occur at a lag as consumer spending returns and employers become more comfortable with adding workers. CBO projected an average of 521,000 jobs will be added monthly this year, a pace that would fall to 145,000 in 2022. Biden's supporters can point to the CBO's projection of a three-year recovery in hiring as a need for more aid. A separate measure of economic growth in the CBO report that compares the fourth-quarters says growth would be 3.7% this year, a partial reflection of some of the gains that have already occurred in the middle of last year.

WASHINGTON – New, eye-popping federal budget figures released Thursday show an enormous $3.1 trillion deficit in the just-completed fiscal year, a record swelled by coronavirus relief spending that pushed the tally of red ink to three times that of last year. By that score, the flood of red ink in 2020 still blew past Obama's 2009 record, in which the deficit almost hit 10% of GDP. The CBO estimate is preliminary, based on daily Treasury reports, but is likely to match the official numbers due from Treasury and the White House budget office later this month. The figures come as Washington has been debating another round of COVID-19 relief, spending that Federal Reserve Board Chairman Jay Powell says is needed to ease the chances of a double-dip recession and a higher jobless rate. The COVID-related spike in the deficit obscures a smaller, steady rise in the deficit under President Donald Trump's watch.

WASHINGTON – The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday. The deficit from October through August is more than double the previous 11-month record of $1.37 billion set in 2009. The Congressional Budget Office is forecasting the deficit this year will hit a record $3.3 trillion. The previous record deficit for a fiscal year was $1.4 trillion in 2009 in the aftermath of the financial crisis. Spending totaled $6.05 trillion, up from $4.16 trillion for the same period last year.

WASHINGTON The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said. Deficit scolds have long warned that rising levels of debt will serve as a drag on the economy in the coming years. The Federal Reserve has stepped in to keep credit markets stable and interest rates low for years as debt levels have risen. The CBO projected that the debt would exceed 100% of GDP in 2021 and set a new record high of 107% in 2021. CBO, the nonpartisan economic and research arm of Congress, predicts that deficit will total $13 trillion over the coming decade.

WASHINGTON The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday. Thats more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-2009. But deficit scolds have long warned that rising levels of debt will serve as a drag on the economy in the coming years. The enormous deficit is bringing the federal debt, as measured by the size of the economy, near levels not experienced since the end of World War II. At years end, the amount of debt held by investors will approach the size of the economy.

Pixabay(CNN) - The Congressional Budget Office raised its estimate of the projected federal budget deficit Wednesday and is now predicting that the deficit will reach $960 billion for the 2019 fiscal year, which ends on Sept. 30, and reach $1 trillion for the 2020 fiscal year. The CBO had previously estimated a $896 billion deficit for 2019 and $892 billion for 2020. The White House's Office of Management Budget has run slightly higher numbers, predicting that the deficit will exceed $1 trillion for the entire fiscal year. Trump pledged to eliminate the federal debt during the 2016 campaign. "The recent budget deal was a budget buster, and now we have further proof," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, in a statement.