Tag: Federal budget deficit

US Could Default by Summer If Debt Ceiling Deal Not Reached

February 16, 2023
Business & MarketsCBOcongressDemocratseconomyFederal budget deficitFederal debt ceilingHouse RepublicansPolicies & ImpactsPoliticsPresident BidenRepublicansUSUS News
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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…

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US Could Default by Summer If Debt Ceiling Deal Not Reached: CBO

February 16, 2023
Business & MarketsCBOcongressDemocratseconomyFederal budget deficitFederal debt ceilingHouse RepublicansPolicies & ImpactsPoliticsPresident BidenRepublicansUSUS News
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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…

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Federal Budget Deficit Shrinks to Still Eye-Popping $1.4 Trillion: CBO

October 12, 2022
Business & Marketseconomic policieseconomyFederal budget deficitinflationPolicies & ImpactstaxesUSUS News
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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…

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Fix for ‘Eyepopping’ Inflation Is Slashing Government Deficit, Budget Watchdog Says

July 18, 2022
budget deficitBusiness & MarketsCongressional Budget Officeeconomic policieseconomic recessioneconomyFederal budget deficithigh inflationinflationUS
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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…

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