Category: Congressional Budget Office

Inflation to Remain High in 2022, Congressional Budget Office Warns

May 26, 2022
Business & EconomyCongressional Budget OfficeeconomyFederal Open Market Committee (FOMC)high inflationinflationPersonal Consumption Expenditures PCE Price IndexUS
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The Congressional Budget Office (CBO) is expecting inflation to remain elevated in 2022 and then to subsequently decrease over the next couple of years, the agency said on May 25. The Personal Consumption Expenditures (PCE) Price Index, which is the Federal Reserve’s preferred measure of inflation, will be 4 percent in 2022, the agency projected…

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Record Debt, Soaring Deficits Amid Slowing Economy Over Next Decade, CBO Warns

May 26, 2022
budget deficitBusiness & EconomyCongressional Budget Officeeconomynational debtPolicies & ImpactsUS
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The U.S. government’s budget deficit is forecast to shrink this year before soaring in the coming years, the Congressional Budget Office (CBO) wrote in its 2022-2032 budget and economic outlook Wednesday.   The federal deficit will fall to $1 trillion this year, down from $2.8 trillion in 2021. The significant deficit decline is attributed to…

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White House Disputes CBO Claim ‘Build Back Better’ Will Add to Debt

November 19, 2021
Build Back BetterCongressional Budget OfficeExecutive BranchPoliticsUSUS NewsWhite House
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The White House is dismissing a report that estimates President Joe Biden’s “Build Back Better” legislation will add to the national debt, even though the president has promised repeatedly “it will not add a single cent.” The Congressional Budget Office (CBO) estimates the $1.85 trillion spending bill, supported only by Democrats, will increase the United…

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Biden’s ‘Build Back Better’ Plan Would Increase Deficit by $367 Billion Over 10 Years: CBO

November 19, 2021
ArchivedBuild Back BetterBusiness & EconomyCongressional Budget Officeeconomic policiesNewsPoliticspresident joe bidenUSUS News
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President Joe Biden’s “Build Back Better” legislation, if passed through Congress, would increase the U.S. deficit by $367 billion over 10 years, the Congressional Budget Office (CBO) said Thursday. That estimate does not include the additional revenue that could be generated from tax enforcement activities, which the CBO suggested would be $207 billion in the next 10…

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Treasury Secretary: ‘Extraordinary Measures’ to Be Taken If Congress Doesn’t Raise Debt Limit

July 23, 2021
Congressional Budget OfficeeconomyExecutive BranchFederal debt ceilingPoliticsSecretary YellenUS
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Treasury Secretary Janet Yellen on Friday urged congressional leaders to suspend or raise the national debt limit before Aug. 1. or face dire economic consequences. Yellen warned that if Congress does not take action, her department will need to implement “extraordinary measures” to prevent the government from defaulting on its loans. “If Congress has not acted to suspend or…

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US Treasury to Hit Debt Ceiling by November: Congressional Budget Office

July 21, 2021
BusinesscongressCongressional Budget Officedebt ceilingEconomieseconomynational debtPolicyPoliticsSecretary YellenUSUS News
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The Congressional Budget Office (CBO) said on Wednesday that the U.S. Treasury Department is projected to exhaust its debt limit by October or November, as Democrats seek to raise that limit for trillions more in funding. Republicans say they oppose the move. As of June 30, an additional $6.5 trillion had been borrowed, bringing total federal debt…

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