Worthy Christian News > US News > CBO: Surging Federal Debt Under Obama Unsustainable

CBO: Surging Federal Debt Under Obama Unsustainable

Wednesday, August 26, 2015 | Tag Cloud Tags: CBO | Learn about our FREE SYNDICATION Service | Subscribe to the Worthy Brief! | Printer Friendly

(Worthy News) – The U.S. budget deficit is likely to fall by $60 billion in 2015 due to strong revenue gains, the Congressional Budget Office said on Tuesday, enabling the government to stave off default without a debt limit hike perhaps through early December.

The CBO said it now estimates a $426 billion deficit for fiscal year 2015, down from its $486 billion forecast made in March. It also forecast a fiscal 2016 deficit of $414 billion, a reduction of $41 billion from the previous 2016 estimate.

The new forecast would bring the deficit to its lowest dollar amount since 2007, and as a 2.4 percent share of U.S. economic output, it would be below the 50-year average.

The deficit peaked at $1.4 trillion in 2009 and shrank to $485 billion in 2014. [ Source ]
Get the most important Christian headlines and prayer alerts delivered directly to your inbox.

CBO: Debt ceiling to be hit in mid-November or December

Congress has until mid-November or early December to raise the debt ceiling before the Treasury runs out of cash to pay the government’s bills, the Congressional Budget Office estimated Tuesday.

The debt ceiling projection came as part of the nonpartisan official budget agency’s updated budget and economic projections published Tuesday.

The CBO’s projection of the expected date at which the government will have trouble paying its bills is later than some previous estimates from the Treasury. The shift is largely because tax revenue has been higher than expected. [ Source ]

people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

Netanyahu Launches National AI Program, Vows Israel Will Become Global Power

Deadly Russia-Ukraine Strikes Escalate As Kyiv Seeks More Weapons

Sudanese Pastor, Six Others Executed After Arrest in Nuba Mountains

Jetstar, Qatar Airways Jets In Sydney Near-Miss Amid Air Traffic Control Concerns

Netanyahu Rejects Trump-Backed Gaza Plan, Says Israel Will Not Withdraw Until Hamas Fully Disarms

Europe’s Heatwaves Expose Vulnerability Of Wind-Dependent Power Systems (Worthy News Investigation)

Christian Father And Youth Killed In Pakistan Amid Rising Anti-Christian Violence

Lake Mead Falls to Historic Low as Colorado River Crisis Deepens

Former NBA Players Declare for WNBA Draft, Putting Transgender Eligibility Rules to the Test

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.