The two trust funds undergirding Social Security will have a zero balance in 10 years, forcing a 25 percent reduction in payments to all beneficiaries, Phillip Swagel, director of the nonpartisan Congressional Budget Office (CBO), reported to Congress. The Social Security program includes two trust funds, Old-Age and Survivors Insurance and Disability Insurance, which provide…
Social Security Bankrupt in 10 Years Unless Congress Acts, CBO Director Says
July 12, 2023
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Social Security Insolvent in 10 Years Unless Congress Acts, CBO Director Says
July 12, 2023
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The two trust funds that undergird the Social Security system will have a zero balance in 10 years, forcing a 25 percent reduction in payments to all beneficiaries, Phillip Swagel, director of the nonpartisan Congressional Budget Office (CBO), told lawmakers on July 12. The Social Security program includes two trust funds, Old-Age and Survivors Insurance…
Biden Budget Reduces Amounts for Emergency Requirements: CBO
President Joe Biden’s proposed discretionary budget for 2024 is well below baseline projections for both funding and spending that were estimated by the Congressional Budget Office (CBO). The president’s proposed funding is 4 percent below CBO projections for the year and 12 percent for the coming decade, according to a May 18 report. About 75…
Cut Deficit in Half and Debt Will ‘Stabilize’ in 10 Years: CBO Chief
Reducing deficit spending by 50 percent, measured as a percentage of the nation’s gross domestic product (GDP), would stop the growth of the national debt in 10 years, says Phillip Swagel, director of the Congressional Budget Office (CBO). GDP is the total market value of all finished goods and services produced in the country. The…
Economy Slowing, Debt Rising, CBO Says
A stagnant economy, rising unemployment, higher interest rates, and burgeoning federal debt add up to a problem that must be addressed, according to Phillip Swagel, director of the Congressional Budget Office (CBO). Swagel provided his assessment at the release of two reports, “The Budget and Economic Outlook: 2023 to 2033” and “Federal Debt and the…
Capitol Report (Sept. 27): Inflation Persists as Government Spends; Concerns Resurface Over CCP Farmland Purchases
September 27, 2022
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Lawmakers on Capitol Hill are rushing to get a government funding bill through both chambers of Congress—just three days away from risking a government shutdown. President Joe Biden’s plan to cancel federal student loans could cost over $400 billion, according to a report by the Congressional Budget Office. With the midterms just around the corner,…
Inflation Hits Middle-Income Americans the Hardest, Says Congressional Budget Office
September 24, 2022
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Middle-class Americans were the hardest hit group by skyrocketing inflation in 2022, Congressional Budget Office (CBO) says. Inflation has cut into the finances of the middle class more than that of low- and high-income households, according to a CBO report from Sept. 22. Annual U.S. inflation rates have hovered in around the low- to mid-8 percent…
CBO Releases Estimate of Biden’s 2023 Budget, Hiking Taxes Part of Proposals to Increase Federal Revenue
September 15, 2022
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The Congressional Budget Office (CBO) released its estimate of the Biden administration’s annual set of budgetary proposals to Congress, and examined how the proposals, if enacted, would affect budgetary outcomes in relation to CBO’s baseline projections. Based on CBO projections, President Joe Biden’s proposals will have the effect of budget deficits totaling $13.1 trillion over…
Democrats Barreling Ahead on Inflation Reduction Act Without Input From Congressional Budget Office
House Democrats are moving forward with an Aug. 12 vote on the $700 billion Inflation Reduction Act despite the lack of Congressional Budget Office (CBO) scores—meaning that the full financial implications of the bill are unclear. On July 27, Sen. Joe Manchin (D-W.Va.) announced that he had reached a deal with Senate Majority Leader Chuck…
Fix for ‘Eyepopping’ Inflation Is Slashing Government Deficit, Budget Watchdog Says
July 18, 2022
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Cutting down the government’s budget is the best way to deal with out-of-control inflation, according to Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB). Annual inflation hit 9.1 percent in June, which is a new four-decade high. Calling inflation numbers “eyepopping,” MacGuineas said that taming it should be a “top national…
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