The Congressional Budget Office warned that America could default on its debt sometime over the summer if the President and House Republicans don’t agree on the debt ceiling soon. “If the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023,” Phillip L. Swagel, a…

The Congressional Budget Office warned that America could default on its debt sometime over the summer if the President and House Republicans don’t agree on the debt ceiling soon. “If the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023,” Phillip L. Swagel, a…

The U.S. federal budget deficit was $1.4 trillion for this past fiscal year, which ended Sept. 30, according to estimates released on Oct. 11 by the Congressional Budget Office (CBO). That figure is roughly half of the nearly $2.8 trillion deficit from the prior year, marking a roughly $1.4 trillion decline, CBO said. According to the CBO, the decline was…

Cutting down the government’s budget is the best way to deal with out-of-control inflation, according to Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB). Annual inflation hit 9.1 percent in June, which is a new four-decade high. Calling inflation numbers “eyepopping,” MacGuineas said that taming it should be a “top national…