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.

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The Monitor's View When officials try to ban economic truth

A mandate on Chinese media not to report a credit crunch is the latest example of governments trying to keep bad news under wraps. But the forces for honest financial data are too strong to defy.
Tax VOX Who benefits from tax preferences? You do.

Just about everyone benefits from tax preferences, Gleckman writes, a conclusion reaffirmed by a new Congressional Budget Office report on the distribution of tax expenditures.
Federal deficit falling fast: Is that a good thing ... or a bad thing?

New estimates show the US federal budget deficit falling faster than forecast. To some, that's a sign that fiscal policy is becoming too austere, valuing quick cuts over more-needed reforms.
Why federal budget deficit is falling faster than CBO expected

The federal budget deficit will shrink this year to $642 billion, the nonpartisan CBO said in a new estimate Tuesday. Just three months ago, it was forecasting a deficit of $845 billion.
Immigration reform: How much will it cost US taxpayers?

The conservative Heritage Foundation says that immigration reform will cost $5 trillion over 50 years. But some conservatives are firing back, saying the study doesn't look at all the variables.
Tax VOX How immigration policy impacts budget projections

If Congress allows more people into the United States, our population, labor force, and economy will all get bigger. With immigration policy up in the air, the economy's trajectory will be difficult to predict.
Why no sign of 'sequester' cuts in perky April jobs report?

Economic doom and gloom were supposed to follow the 'sequester' cuts in federal spending, but there's no evidence in the April jobs report that the labor market has been hurt. Just wait, warn some economists.
The New Economy GDP up 2.5 percent: Smaller-than-expected bounce for US economy

GDP flashed 2.5 percent growth in the first quarter: much better than the fourth quarter but below expectations. Economists expect another slowdown in GDP growth for the summer.
Immigration reform bill may hang on economic effect of legalizing millions

Friday's testimony at first Senate hearing on the bipartisan immigration reform bill presented economic pros and cons of legalizing some 11 million people. A chief concern is wage suppression for low-skill Americans.
The New Economy Big drop in jobless claims: this week in the economy

A bigger-than-expected drop in jobless claims might mean the employment picture isn't as bleak as thought. But retail sales disappointed, and consumer sentiment is still gloomy.
Social Security proposal from Obama: How would it affect you?

'Chained CPI,' a leading idea for how to keep Social Security solvent for the decades ahead, is part of President Obama's budget proposal. Here's what it would mean for benefits.
Opinion Opponents of Medicaid expansion put politics over people

The rejection by several Republican-led states of the Affordable Care Act’s Medicaid expansion to provide health care access to millions of America’s poor isn’t just partisan politics; it’s immoral. It’s not too late to press state leaders to put people ahead of partisanship.
Focus Tax reform: Why a kinder, simpler tax code eludes Congress, so far

As Tax Day nears, Americans in the throes of preparing their returns may be dreaming of a simpler tax code. Here's why tax reform is such a tall order for Congress – and how two lawmakers are laying the groundwork for it now.
Entitlement reform takes step toward reality in new Obama budget

President Obama will unveil a budget Wednesday that includes reforms to entitlements such as Social Security and Medicare. The budget probably won't pass, but it points to a shift in the debate.
Focus Taming Medicare costs: What are the options?

The US spends twice as much per person on health care as other advanced economies, and Medicare is one of the biggest culprits. But here's why cutting its costs won't be easy.
Veterans groups gear up to fight any proposed changes to disability payments

To help reduce the deficit, President Barack Obama has suggested using a different measure of inflation to calculate Social Security benefits, leading to a slower growth rate. Veterans groups worry such a change could apply to disability payments.
Student loan interest doubles in July due to Congressional inaction

The rate for subsidized Stafford loans is set to increase from 3.4 percent to 6.8 percent on July 1, due to Congressional inaction, just as millions of new college students start signing up for fall courses.
Paul Ryan's tax numbers: Just 'magic asterisks'? (+video)

Paul Ryan's proposed budget envisions lower and simpler tax brackets even as it projects tax revenues as a higher percentage of GDP. Some suggest he'll need magic as well as math to get there.
What's in Paul Ryan plan? Surprising numbers from GOP House budget. (+video)

The GOP budget plan Paul Ryan is putting forward in the House is filled with ambitious numbers, big and small. The bottom line: reduce the national debt and the interest payments to service it.
Tax VOX How would Paul Ryan's tax plan work?

Paul Ryan's tax play mimics the tactics of the 2012 campaign, Gleckman writes, promising tax reform built around wildly ambitious but gauzy rate reductions without a word about how to pay for them.
Paul Ryan's new Medicare plan could be tip of the iceberg (+video)

As Rep. Paul Ryan this week once again proposes reforms to Medicare, there are signs that others in Congress are acknowledging that Medicare deficits must be addressed.
Life after 'sequester': Does federal budget have $1 trillion in fat to cut?

Deficit hawks say that, 'sequester' or not, federal spending needs to come down by at least $1 trillion during the next decade. But finding that money just in government waste is hard.
'Sequester' watch: Will US spending cuts really cost 750,000 jobs?

Critics say President Obama is spinning the likely impact of 'sequester' cuts to pressure Republicans to replace them, but private-sector forecasts suggest that a loss of 750,000 jobs may not be far off.
Tax VOX How should the government measure inflation?

Republicans and many economists argue for shifting to a more accurate inflation measure, Gleckman writes, but a new report suggests that move would raise taxes by nearly as much as it would slow Social Security spending over the next decade.
Tax revenue to hit record this year. So is spending 'the problem'?

Tax revenue could hit $2.7 trillion, according to the Congressional Budget Office. Conservatives say this means spending cuts are the solution, but the budget numbers tell a more complicated story.