Category: Congressional Budget Office

U.S. Debt on Pace to Top $56 Trillion Over Next 10 Years

Congressional Budget Office projections released on Tuesday show a grim fiscal backdrop ahead of tax and debt limit fights.
U.S. Debt Races Toward Record This Decade, C.B.O. Warns

Recently passed spending limits have slightly improved the nation’s fiscal outlook.
Biden’s Budget Underscores Divide With Republicans and Trump

The president’s $7.3 trillion budget proposal for the next fiscal year includes about $3 trillion in deficit reduction over a decade, largely from raising taxes on high earners and corporations.
Here’s the latest on the president’s priorities.

The president’s $7.3 trillion budget proposal for the next fiscal year includes about $3 trillion in deficit reduction over a decade, largely from raising taxes on high earners and corporations.
Biden Budget Will Underscore Divide With Republicans and Trump

The president’s fiscal 2025 budget proposal includes about $3 trillion in deficit reduction over a decade, largely from raising taxes on high earners and corporations.
A Tax Sunset Will Change What You Owe the I.R.S.

Important regulations expire at the end of next year, thwarting tax planning and creating a monumental fiscal challenge for Congress.
The Federal Deficit Is Growing. This Is Why.

Tax receipts dipped unexpectedly last year. The Biden administration blames Republican tax cuts, but the truth is more complicated.
The Debt-Limit Deal Suggests Debt Will Keep Growing, Fast

Negotiations to prevent a government default reaffirmed that the big drivers of future deficits are all off the table in a divided Washington.
Potential Debt Ceiling Deal Would Barely Change Federal Spending Path

Negotiators have focused on a relatively small corner of the budget, shunning new revenues or cuts to the fastest-growing programs
U.S. Faces ‘Significant Risk’ of Running Out of Cash in June, C.B.O. Warns

A default would cause financial distress, economic disruptions and rapid increases in borrowing rates, the nonpartisan Congressional Budget Office said.
In Debt Limit Talks, Biden and Republicans Start Far Apart

As the president prepares to meet with Speaker Kevin McCarthy this week, his budget shares little common ground with spending and tax proposals from House Republicans.
The Debt Ceiling Debate Is About More Than Debt

Republicans’ opening bid to avert economic catastrophe by raising the nation’s borrowing limit focuses more on energy policy than reducing debt.