Topic: U.S. Congressional Budget Office

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Sequester 101: What happens if $85 billion in cuts hit on March 1

The sequester is a complex concept with a tortuous history. Here are the basics on the automatic spending reductions set to kick in March 1.
'Fiscal cliff' 101: 5 basic questions answered

President Obama and congressional leaders are working to stop the US from going over the “fiscal cliff,” a combination of higher taxes and lower spending set to take effect Jan. 1. Here are five steps to understanding what's going on.
6 ways to avoid the 'fiscal cliff'

Republican congressional leaders and President Obama sharply disagree over how to deal with the impending “fiscal cliff.” But a successful plan shouldn’t be that hard to put in place. Here are six ways Washington can avoid the “fiscal cliff.”
Six points where Mitt Romney and his economic advisers are mostly wrong

Mitt Romney’s economic plan is largely based on a whitepaper written by several “heavyweight” economists. The problem is, it's riddled with fundamental flaws. Here are six points where Mitt Romney and his economic advisers are mostly wrong about what ails the American economy and how to fix it.
Briefing
Obama vs. Romney 101: 5 ways they differ on debt and deficits

President Obama and Mitt Romney offer sharply different views on how to get the nation back on a sustainable fiscal path. Here are five ways they differ on policies to cope with a soaring debt.

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Health-care reform: How has the individual mandate worked in Massachusetts?

Six years into Massachusetts' version of health-care reform, most residents are complying with the individual mandate. But for some, the cost of a premium is almost prohibitive.
Supreme Court ruling on Medicaid tees up campaign issue

Some Republican governors and state lawmakers are eager to opt out of the expansion of Medicaid under 'Obamacare,' now that the Supreme Court has removed the penalty. But millions could remain uninsured. Expect this to play big in some state elections.
Focus Is Congress to blame for a downshifting US economy?

Evidence is mounting that the economy is taking a hit because Congress can't – or won't – deal with the 'fiscal cliff' looming at year's end. The fight on Capitol Hill last summer over the national debt limit also took an economic toll.
How Obama, Romney are spinning court's health-care ruling

Republicans and Democrats are putting their political spin on the US Supreme Court's historic and startling decision on the Affordable Care Act. As they head toward the presidential election, both Barack Obama and Mitt Romney have major challenges in interpreting the law.
Is the Obama health-care law a huge tax increase?

Responding to the Supreme Court's historic ruling on the Affordable Care Act, Republicans are refocusing criticism on the tax fallout from health-care reform. Is it a tax hike? Yes. But on whom?
Health care: What the Supreme Court's ruling means for US consumers

The US Supreme Court ruling to uphold Obama's health-care reform law affects households across America. Millions without insurance are on track to get it. But costs are an unresolved issue.
Stock market hiccup: not so much about health-care decision

But some investors still grumbled that the Supreme Court's health-care decision might dampen business confidence and inhibit companies from hiring new workers.
Health-care law: How Supreme Court ruling could affect US budget

US Supreme Court ruling on the health-care reform law's constitutionality will affect more than the making of public policy. It could also swing the federal budget significantly in either direction.
Health-care reform law: How Supreme Court ruling affects families

The US Supreme Court ruling upholding President Obama's health-care reform law carries major import for millions of American families. Notably, many who are uninsured will gain access to health coverage.
Health insurers foresee rising premiums if court nixes 'individual mandate'

A US Supreme Court ruling against the individual mandate in the Obama health-care law would batter the insurance industry. It could also raise the price of insurance for millions of Americans.
Has Puerto Rico found a solution to the US housing crisis?

A set of incentives for home buyers in Puerto Rico has helped stimulate the housing market there, and some experts think they could help on the mainland, too.
Fight brewing in Congress over budget, taxes

Last year, Congress put off hard decisions on the country's finances, but they are coming due in an election-year showdown.
Health-care reform law will survive even if mandate doesn't, experts say

Chaos will not ensue if the US Supreme Court strikes down the individual mandate to buy health insurance, even if other parts of Obama's health-care reform law are upheld, health experts say. But premiums would be likely to rise.
Tax VOX Payroll taxes cover about a third of Medicare costs

Many Americans may believe that Medicare is financed like Social Security. They know that a portion of payroll taxes goes to Social Security and a portion goes to Medicare, and they conclude workers are paying for Medicare benefits. This is not true.
Donald Marron What really pays for Medicare?

Many Americans believe that Medicare is financed like Social Security – mostly through payroll taxes – but that's not the case. Payroll taxes only cover a third of Medicare's cost, with other revenues and borrowing accounting for the rest.
CBO director: more eurozone turmoil would be 'bad news for US economy'

Congressional Budget Office Director Douglas Elmendorf, at a Monitor breakfast Wednesday, said the challenges Europe faces now are 'larger than ever' and weighing on the US stock market.
Donald Marron The real effect of expiring tax cuts

In deciding the fate of expired and expiring tax cuts, lawmakers should consider the larger problems facing our tax system. That system is needlessly complex, economically harmful, and widely perceived as unfair. And it fails at its most basic task: raising enough money to pay our bills.
Ben Bernanke to Congress: Get America's fiscal house in order. Please. (+video)

Fed Chairman Ben Bernanke told lawmakers Thursday that the Fed alone can't put Americans back to work. 'I'd be much more comfortable if Congress would take some of this burden,' he said, bluntly.
Economist Mom CBO budget outlook: a long-term view of the 'fiscal cliff'

While this year's report doesn't offer anything new, the long-term budget outlook is a good way to take a step back from current policy debates and put impending decisions in the context of the bigger picture .
Bill Clinton suggests extending tax cuts

The former President suggested a temporary extension would give the political parties time to work out a compromise.
Tax VOX A better way? The case for a new kind of tax reform

There is nothing inevitable about the glum estimate set forth in the Congressional Budget Office's latest fiscal policy snapshot. What if Congress retained the level of taxation set by current law, while collecting the money in a much smarter way?
Decoder Wire CBO report: US could be the next Greece – in 2037

The Congressional Budget Office (CBO) released its annual report, and the US is still facing significant debt problems. What Congress does after November could have a big impact.
Tax VOX Is the GOP tax reform strategy a fiscal trap?

As a matter of pure tax policy, our tax analyst analyzes the different option on the table. Ideally, Congress should build the best possible tax base and then adjust the rates to meet an agreed-upon revenue target. But in a partisan Congress, few things are 'ideal.'
Robert Reich US wages and Europe's austerity: the perfect storm

What if Europe and the US converged on a set of economic policies that brought out the worst in both – European fiscal austerity combined with a declining share of total income going to workers? Given political realities on both sides of the Atlantic, it is entirely possible.
Robert Reich How to avoid austerity but still fix the deficit

As Europe has shown us, austerity is bad for weak economies facing large budget deficits. But it can be avoided by getting growth and jobs back first, and only then tackling budget deficits.