The debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) last month will reduce the national debt and decrease net interest payments over the next decade, the Congressional Budget Office (CBO) said in a new report. The nonpartisan budget watchdog assessed projections in its May 2023 baseline and the estimated…
Debt Ceiling Deal Will Trim National Debt by $1.5 Trillion by 2033: CBO
Default Can Be Avoided in July If Treasury Can Weather June Cash Crunch: CBO
The U.S. government could avoid defaulting on its debt through July if the Treasury Department can receive enough revenue in June, according to the Congressional Budget Office (CBO). The agency stated in its updated guidance that if the government can collect enough tax revenue and the Treasury continues employing its extraordinary measures, it “will probably allow…
‘Japanification’ and the Negative Growth From Debt
Commentary With politicians squabbling over lifting the debt limit, few are paying attention to the ongoing “Japanification” of the U.S. economy. What do I mean by “Japanification”? With a zero to negative debt multiplier on economic growth, the ongoing spending spree by the federal government continues to push the United States toward the same slow-growth…
Social Security Set to Run Short of Funds Earlier Than Expected: CBO Director
The head of the Congressional Budget Office, Phillip Swagel, said this week that Social Security funds may start running out by 2032, or a year earlier than previously expected by the CBO. In December, CBO estimated that the Social Security trust funds will evaporate by 2033. But Swagel said that a new analysis suggests it may…
CBO Projects Higher Unemployment, Slow Exit From Inflation
WASHINGTON—The Congressional Budget Office (CBO) said Wednesday that it expects the U.S. economy to stagnate this year with the unemployment rate jumping to 5.1 percent—a bleak outlook that was paired with a 10-year projection that publicly held U.S. debt would nearly double to $46.4 trillion in 2033. The office’s updated 10-year Budget and Economic Outlook…
US Could Default by Summer If Debt Ceiling Deal Not Reached
February 16, 2023
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Business & MarketsCBOcongressDemocratseconomyFederal budget deficitFederal debt ceilingHouse RepublicansPolicies & ImpactsPoliticsPresident BidenRepublicansUSUS News
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The Congressional Budget Office warned that America could default on its debt sometime over the summer if the President and House Republicans don’t agree on the debt ceiling soon. “If the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023,” Phillip L. Swagel, a…
US Could Default by Summer If Debt Ceiling Deal Not Reached: CBO
February 16, 2023
admin
Business & MarketsCBOcongressDemocratseconomyFederal budget deficitFederal debt ceilingHouse RepublicansPolicies & ImpactsPoliticsPresident BidenRepublicansUSUS News
0 Comment
The Congressional Budget Office warned that America could default on its debt sometime over the summer if the President and House Republicans don’t agree on the debt ceiling soon. “If the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023,” Phillip L. Swagel, a…
US Economic Outlook Darkens as CBO Projects Higher Inflation, Slower Growth
The Congressional Budget Office (CBO) issued a pessimistic outlook for the economy this week, shortly after the Federal Reserve Chair Jerome Powell suggested that lower interest rate increases are likely on the horizon. In a Nov. 30 letter responding to questions posed by Sen. Steve Daines (R-Mont.) regarding the CBO’s current view of the economy, the office…
Federal Financial Mess
Commentary Even before the recent spate of spending legislation, the authoritative Congressional Budget Office (CBO) warned of the precarious state of Washington’s finances. Its figures show that the relentless growth in entitlements will push up budget deficits and add to the nation’s already heavy accumulation of public debt. By 2032, the CBO concluded, outstanding government…
Biden’s Student Loan Cancellations Estimated to Cost Over $400 Billion: CBO
The Biden administration’s plan to cancel student debt is estimated by the Congressional Budget Office (CBO) to cost the U.S. federal government over $400 billion over the next 30 years. Biden’s plan, announced in August, involves providing up to $10,000 in debt relief to borrowers who earn less than $125,000 per year, or $20,000 in…
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