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.
GOP proposals to cut the federal budget range from $100 billion to $500 billion to a symbolic $1.5 trillion. With Democrats wary of stifling the economic recovery, the divide just may be too wide.
The tax cut deal that President Obama signed Friday costs $858 billion, making the cause of deficit reduction that much more challenging. But deficit hawks still see some hopeful signs.
On Wednesday, 56 Democrats and one Republican said that any effort to reduce the federal debt needs to include defense cuts. They called for an independent commission to take up the issue.
Trillion-dollar annual US deficits are unprecedented, and many voters are alarmed by them. But the public also wants a jobs recovery. How those dual issues will affect Election 2010 races.
Stimulus now, coupled with a medium to long-term deficit plan, will spur job creation and cap the potential increase in interest rates.
President Obama has his work cut out for him on the President’s fiscal commission, and groups on both ends of the political spectrum are already saying the panel's unlikely to succeed. Are tax increases the way to go?
The US budget deficit is surging and is likely to remain high for years unless Congress finds solutions. Some financial experts say that remedies will have to include new taxes.
A vote to raise the national debt ceiling is always tough, because it casts the majority party as a reckless spender. But Congress must confront the issue, probably Jan. 20, upon lawmakers' return from recess. If the ceiling is not raised, the government will likely run out of funds in February.