Topic: Doug Elmendorf

CBO knows its deficit forecasts are too cheery. So what will really happen?

The CBO is forecasting a $1.1 trillion deficit in 2012, followed by several years of a much lower amount. But CBO officials know that's a fantasy, so it has prepared a more pessimistic outlook.

Super committee: Let Bush tax cuts expire and your work will be done

Another decade of these lower tax rates for the wealthiest 5 percent of Americans would cost the US Treasury around $2 trillion – more than the amount of deficit reduction (at least $1.2 trillion) the debt super committee must find.

Obama vs. GOP on jobs: Let the blame game begin

The essence of the divide remains: Increase federal investment to stimulate job creation versus easing environmental and other regulatory restrictions that critics say can hinder job creation.

Top 1 percent has nearly quadrupled income since 1979

Top 1 percent cause massive income disparity: a Congressional Budget Office report found that income for the top 1 percent increased 275 percent since 1979, while it only increased 18 percent for other Americans.

Deficit-cutting 'super committee': Can it come up with a plan in time?

Congress's super committee may have just days to act in order to meet its deadline and prevent $1.2 trillion in automatic cuts to defense and nondefense spending. So far, no plan has emerged.

October unemployment rate to fall below 9 percent, predicts Gallup

The Gallup unemployment survey isn't the same as the Labor Department unemployment index, but it's close. Will this come up in the GOP presidential debate Tuesday night?

Bernanke goes big

The Federal Reserve chairman is right in saying that we should be able to address current budget problems and plan for long-term fiscal sustainability at the same time

Budget debate: What should be the role of government?

Voters will have a fundamental choice between reducing spending and getting the programs they want.

From jobs plan to tax cuts, can deficit ‘super committee’ handle mission creep?

The bipartisan deficit 'super committee' is charged with finding $1.5 trillion in savings over 10 years. Can it find $450 billion more to fund Obama's jobs plan? Can it find $4 trillion? More?

Outlook for federal budget improves after debt deal, CBO says

The deal earlier this month that calls for big reductions in government spending will cut federal budget deficits in half over the next decade, the CBO projected Wednesday.

Warren Buffett to Congress: Tax me more than $7 million(VIDEO)

Warren Buffett says he pays less in federal taxes than lesser paid Americans. Where do Warren Buffett's numbers come from?

CBO warning to Congress: national debt needs action, and soon

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.

Why the CBO may not believe all its own deficit projections

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 law repeal: Why would it increase the deficit?

Health care reform, which the new Republican House leadership is pushing to repeal, includes cuts to government Medicare payments and increased taxes and fees.

Between a fiscal rock and a hard place

The Congressional Budget Office paints a tough choice: either shrink the deficit or tackle unemployment. Can Congress steer a middle path?

Stimulus and tax cuts now, smaller economy later, CBO report says

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.

CBO's math on budget deficit presents daunting choices for US

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.

A lesson in reasonable fiscal policy

House Majority Leader Steny Hoyer emphasizes middle-path strategies for both stimulating growth and controlling deficit spending.

How two little-known offices will shape healthcare reform

As efforts to pass healthcare reform progress, more responsibilities are being placed on the Congressional Budget Office and the Senate Parliamentarian's Office – two institutions famous for their devotion to fairness and attention to detail.

Should Congress Abolish the Joint Committee on Taxation?

Democrats' scramble to beat new deadline: Scott Brown's arrival

Senate Democrats raised the debt ceiling to $14.3 trillion and passed a pay-as-you-go measure Thursday. Both needed 60 votes. But a bid to cap federal spending exposed different fault lines.