Congressional Budget Office

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Shutdown Burns $7B a Month, CBO Warns Lawmakers

Agency says billions in lost GDP won't be recovered

(Newser) - The ongoing federal government shutdown is delivering a $7 billion monthly blow to the US economy, according to a new estimate from the nonpartisan Congressional Budget Office. In a letter to lawmakers, the CBO projected that a four-week shutdown, a mark reached Wednesday, would shrink real GDP by $7 billion,...

CBO: Economy Will Get Worse Before It Gets Better

Agency predicts grim picture on unemployment, inflation in 2025, before improvement in '26

(Newser) - President Trump's tariff policies, immigration crackdowns, and sweeping tax and spending law are expected to increase jobless rates and inflation and lower overall growth this year before they improve next year, according to a new report from the nonpartisan Congressional Budget Office. The CBO on Friday released new economic...

CBO: Senate Tax Bill Would Add $3.3T to Deficit

That's $500B more than would be added to the debt with the House version

(Newser) - A Senate plan to extend Trump-era tax cuts could send the US deficit soaring by $3.3 trillion over the next decade, according to a new Congressional Budget Office estimate, which has lawmakers facing mounting questions about how much the country can afford to cut taxes. The CBO and...

House GOP Balks as Senate Rewrites Trump Tax Bill

Senate changes on Medicaid, SALT drive Republican backlash

(Newser) - House Republicans are threatening to derail a sweeping tax and immigration bill backed by President Trump and Senate GOP leaders, citing major changes to the original House version. The Senate's rewrite of the One Big Beautiful Bill Act adds deeper Medicaid cuts, which detractors warn could hurt rural...

CBO: Budget Bill Slashes Taxes by $3.7T, Adds $2.4T to Deficit

White House preemptively pushes back against report, calling office 'historically wrong'

(Newser) - President Trump's big budget bill making its way through Congress will cut taxes by $3.7 trillion but also increase deficits by $2.4 trillion over the next decade, according to an analysis released Wednesday by the nonpartisan Congressional Budget Office. The analysis comes at a crucial moment in...

GOP Senator Doubles Down on Snarky Town Hall Comment

Joni Ernst's 'we are all going to die' was controversial, but she's not backing off

(Newser) - Joni Ernst isn't backing down from her controversial remarks at an Iowa town hall Friday. After a constituent noted their concerns about Medicaid cuts potentially causing deaths, Ernst responded, "Well, we are all going to die." The following day, after the comment went viral, Ernst posted a...

US Population Growth to Soon Reach Snail's Pace

CBO predicts average rate of 0.1% per year from 2036 owing to fewer immigrants, births

(Newser) - A year ago, the Congressional Budget Office predicted US deaths would exceed births in 2040. Now, it's moved up that date by seven years. As the US population has "significant implications for the economy and the federal budget," the CBO closely tracks potential population changes, including what...

New CBO Projections Raise Hopes of a 'Soft Landing'

Agency predicts inflation will nearly reach the Fed's target of 2% next year

(Newser) - The Congressional Budget Office said Friday 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. The office's Current...

CBO Says Debt Ceiling Crisis Could Be Here by July

Agency says debt will grow by another $19T within the next decade

(Newser) - A crisis over America's debt ceiling could be here by July—or even sooner, if tax revenues received in April are below expectations, the Congressional Budget Office warned Wednesday. The nonpartisan federal agency said the Treasury Department's emergency measures to avoid a default on America's debt will...

CBO to Biden: Here's Your Student Debt Price Tag

$400B over the next 30 years, it estimates

(Newser) - President Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office. The figures were released Monday in response to a request from Republican lawmakers who oppose Biden’s plan in large...

Congressional Budget Office: Deficit Will Shrink, Then Surge

It released an economic outlook Wednesday

(Newser) - The Congressional Budget Office released an economic outlook Wednesday saying that high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt. The nonpartisan agency expects that the consumer price index will rise 6.1% this year and 3.1% in...

Kevin McCarthy Speaks for 512 Minutes, Delays Vote

House will vote on Biden's $1.9T bill Friday morning

(Newser) - Update: The House has delayed a vote on President Biden's spending bill until Friday. The move comes after House GOP leader Kevin McCarthy delayed proceedings with what the New York Times calls the longest continuous House speech since 1909, clocking in at 8 hours and 32 minutes. "Personally...

Next Year, Federal Debt Could Exceed GDP

This year's deficit on course to hit record $3.3T

(Newser) - The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday. The spike in the deficit means that federal...

Budget Deficit Nears 'Unprecedented' Level

The CBO says it will top $1 trillion, again

(Newser) - An annual congressional report says the US budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economy, the AP reports. Tuesday's Congressional Budget Office report follows a burst of new spending last year and the repeal in December of several taxes...

3 Grim Lines From CBO's New Deficit Report

'Unsustainable course'

(Newser) - The deficit will swell by $809 billion more than anticipated over the next decade, the Congressional Budget Office announced in new projections Wednesday, per the AP . The Washington Post reports the US was already expected to hit a deficit over the $1 trillion mark in 2020. The change here, which...

CBO: Trump's Health Strategy Would Hike Costs 20% in 2018

If president stops ObamaCare subsidies, premiums will rise dramatically for 'silver' plan

(Newser) - People buying individual health-care policies would face higher premiums, and some may be left with no insurance options, if President Trump makes good on his threat to stop ObamaCare payments to insurers. That's the conclusion of a new report by the nonpartisan Congressional Budget Office, the AP reports. More...

Premiums Would Double Under GOP ObamaCare Repeal: CBO

And 32M would lose insurance by 2026, according to CBO score

(Newser) - The Congressional Budget Office has scored the Senate GOP bill to repeal the ACA without replacing it with anything—and it's not good. If the ObamaCare Repeal Reconciliation Act is passed, 17 million fewer people would be insured by next year, NBC News reports. That would increase to 32...

CBO Releases Report on Senate Health Care Bill

22 million are estimated to lose coverage

(Newser) - The Congressional Budget Office (CBO) released a report Monday analyzing the Senate Republicans' health care bill released last week in the party’s latest efforts to repeal the Affordable Care Act. CNN has the full 50-page report, which estimates that 22 million will lose coverage under the new law. That...

CBO: 23M More Americans Uninsured Under GOP Bill

The AHCA would reduce the deficit by $119B

(Newser) - The American Health Care Act passed by House Republicans earlier this month will reduce the deficit by $119 billion over the next decade—while leaving 23 million more Americans without insurance than if ObamaCare remains in place, according to the Congressional Budget Office's score of the bill released Wednesday....

What to Watch in CBO Report on GOP's Health Care Plan
One CBO Number Could
Doom GOP Health Plan
the rundown
Mar 13, 2017 10:36 AM CDT

One CBO Number Could Doom GOP Health Plan

Cost may be bigger factor than estimate on how many will lose coverage in GOP plan

(Newser) - How much will it cost and how many people will lose insurance? Expect answers to those questions to dominate when the nonpartisan Congressional Budget Office releases its official assessment of the GOP plan to replace ObamaCare. It could come as early as Monday. Related coverage:
  • The New York Times offers
...

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