Warren Buffett says he pays less in federal taxes than lesser paid Americans. Where do Warren Buffett's numbers come from?
As if Congress needed any more reminding, the national debt will soon get out of control without significant tax hikes or spending cuts – or both, the CBO said Wednesday.
Congressional Budget Office Director Douglas Elmendorf discussed the "dangerous gamble" of a potential American default on its debt ceiling, the heavy impact of even slight shifts upward in US borrowing costs and his belief that a "great deal of the pain of this downturn lies in front of us still" at a June 14 Monitor breakfast.
The rising number of seniors and the increase in health-care costs means the US government will have to cut some things it has done in the past or raise taxes, says Douglas Elmendorf, director of the Congressional Budget Office (CBO).
Congressional Budget Office (CBO) Director Douglas Elmendorf said he could not predict with precision what would happen if Congress can't come to a compromise over increasing the US debt limit and a default takes place.
The CBO predicts a deficit of $1.5 trillion for 2011, but then steadily falling amounts through 2014. Good news? Not really. The CBO had to make assumptions about US policies its officials seem to have little faith will be implemented.
Health care reform, which the new Republican House leadership is pushing to repeal, includes cuts to government Medicare payments and increased taxes and fees.
Stimulus spending and extending the Bush tax cuts can help a little in the short term, but they would likely hurt America's long-term economic outlook, a CBO report issued Thursday says.
The gloomy outlook for the federal budget deficit, outlined by the CBO director Wednesday, comes as politicians and economists are arguing over what the US economy needs most: another jolt of government stimulus or sharp spending cuts.