Topic: U.S. Congressional Budget Office

Opinion: Love it or loathe it, the 'fiscal cliff' deal brought compromise

As unsatisfying as the bargain is in substance, its achievement reaffirms an essential element of America’s democracy – the need for compromise. That aspect of the 'fiscal cliff' deal will be needed as the US approaches the debt ceiling and debate on spending cuts and tax reform.

Full steam ahead? How economy might look if 'cliff' deal is struck. (+video)

If Washington can strike a bargain on the 'fiscal cliff,' some tax hikes and spending cuts would slow the economy. But rising consumer confidence could keep the slow recovery chugging along.

Tax VOX
What changing the consumer price index would mean for taxpayers

Tax VOX
The toughest obstacles in the budget debate? Entitlements.

Somehow we must find ways to gain control over spending on Medicare and Medicaid, Penner writes.

Tax VOX
How Eisenhower and Congressional Democrats balanced the budget

President Dwight Eisenhower truly believed that budgets should be balanced, and his 1960 budget incorporated severe spending restraint and only minor tax increases, Penner writes.

Will the Senate pass the $60 billion Sandy recovery bill?

In the midst of debt and deficit negotiations in Washington, politicians are carefully considering all aspects of the proposed billion-dollar superstorm Sandy recovery bill.

Raising Medicare's eligibility age: How much money would it save?

A full account of the impact of raising Medicare's eligibility age to 67 must also include the added costs to other expensive programs, as some seniors switch to Medicaid or seek government subsidies for private insurance.

Boehner: Don't make Christmas plans, 'serious differences' remain in 'fiscal cliff' talks

Boehner's comments came as top Democrats pushed back on GOP demands for tough steps like raising the Medicare eligibility age and curbing the cost-of-living adjustment for Social Security.

Opinion: 'Fiscal cliff' or not, tax reform is easier said than done

As part of any deal on the 'fiscal cliff,' Congress will likely take up comprehensive tax reform. That's a worthy goal, but it will involve more political and economic pain than most would like to admit. Every line in the tax code has its own constituency and rationale.

'Fiscal cliff' talks: Could they sink US job market?

The 'fiscal cliff' talks are about more than taxes. How they are resolved could have a significant impact on the US job market, experts say.

Fiscal cliff: Is there a deal in the making?

President Obama and House Speaker John Boehner disagree about whether tax rates on the top two percent of earners should go up. The White House says, 'yes' and Republicans say, 'no'. Most Americans don't think the two sides will reach an agreement by January 1, according to a recent poll. But others are more optimistic. 

Why Obama is pushing for stimulus in 'fiscal cliff' deal (+video)

President Obama's opening offer in 'fiscal cliff' talks includes $255 billion in stimulus spending – tax cuts, incentives, and more. It could be a bargaining ploy or a bid to offset rising taxes on the rich.

'Fiscal cliff' looms, White House and Congress continue discussions

Obama and Boehner's 15-minute phone call came amid increasing anxiety that the White House and top Republicans are wasting time.

Focus
Obamacare countdown: How will reform affect the economy?

The health-care law could strain household budgets, but drastic impacts on the US economy over the coming decade are unlikely, experts say.

Fiscal cliff: White House steps up pressure on GOP to reach a deal (+video)

White House economists warn that unless Congress extends expiring middle-class tax cuts 'without delay,' consumer confidence will take a hit at a critical holiday season for retailers.

Cover Story
Five reasons America won't fall off the 'fiscal cliff'

The political and economic ramifications are too big for Washington to let the large tax increases and spending cuts take effect. But this doesn't necessarily mean lawmakers will craft a decisive solution to the nation's fiscal woes.

'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.”

Decoder Wire
Has John Boehner really agreed to increase taxes on the rich?

Since the election, House Speaker John Boehner (R) has had some conciliatory-sounding words about the need to avoid the 'fiscal cliff.' While he's said 'new revenue' might be part of the solution, it's problematic to assume he means higher taxes on the rich.

Energy Voices
Has Obama turned a corner on climate change?

In response to a reporter's question during his first press conference after reelection, President Obama says he aims to curb the effects of climate change while growing the economy.

Robert Reich
Obama's grand bargain: economy first, deficit second

Any 'grand bargain' to avert the fiscal cliff should contain a starting trigger that begins spending cuts and any middle-class tax increases only when the economy is strong enough, Reich writes.

'Fiscal cliff' meets debt ceiling: Should Washington tackle both now?

Some analysts say moves to avoid the 'fiscal cliff,' looming as of Jan. 1, should be resolved alongside the need to again address the national debt ceiling, which could hit its limit as soon as February. Others say that's a bridge too far.

Robert Reich
Obama should aim high in deficit negotiations

By raising taxes on wealthy Americans, eliminating breaks for oil and gas companies and other measures, Obama could meet the goal of $4 trillion in deficit reduction over the next decade, Reich writes.

Robert Reich
Democrats, Republicans play economic chicken over taxing the rich

Democrats and Republicans are now maneuvering to maximize their bargaining leverage when they sit down next year to decide whether or not to increase taxes on wealthy Americans, Reich writes.

Fearing 'cliff,' investors finish brutal week

Wall Street finished one of the worst weeks of the year Friday, pushing Washington to work out a deal to avoid the tax increases and government spending cuts.