After a year of immense spending during the COVID-19 pandemic and ensuing economic downturn, the federal deficit is projected to hit $3 trillion for the second year in a row, according to the Congressional Budget Office.
A Congressional Budget Office report found that the Internal Revenue Service will collect billions of dollars from auditing low- and middle-income Americans under the White House-backed “Inflation Reduction Act,” contradicting Biden administration claims, according to Republicans on the House Ways and Means Committee.
The Democrat-led Congress might still be able to garner enough votes to pass President Biden’s massive spending package, despite already raising federal spending by more than 6% and presiding over record deficit and debt levels.
President Joe Biden’s sweeping spending bill, the Build Back Better Act, would add $3 trillion to deficits over 10 years if made permanent, according to a new Congressional Budget Office cost analysis.
The Congressional Budget Office estimated on Thursday that President Biden’s Build Back Better Act will increase the nation’s deficit by $367 billion.
The Congressional Budget Office is projecting that the United States’s deficit will balloon to $3 trillion in 2021.
The government has opened the spending spigot over the last year to deal with the coronavirus crisis — but the Congressional Budget Office says unless something changes, Uncle Sam’s freewheeling ways will last long after the pandemic is over.
The Congressional Budget Office (CBO) is projecting a whopping $2.3 trillion budget deficit in fiscal year 2021, though that deficit would be $900 billion less than the one in 2020.
The economy will grow in 2021 at its fastest rate in 17 years as vaccines are administered across the country and life returns to normal, the Congressional Budget Office projected Monday.
Facebook and Twitter were widely criticized as it blocked users from sharing a New York Post article that published allegedly leaked Hunter Biden emails which disclosed a Ukrainian businessman encouraging him to use his influence while his father, Joe Biden, was the U.S. Vice President.
The coronavirus pandemic and federal efforts to provide relief will significantly add to the federal debt in the years ahead, the Congressional Budget Office projected Monday.
The balances in three federal trust funds – Social Security, Medicare and the Highway Trust Fund – will be “exhausted within the next 10 years” without congressional action, the Congressional Budget Office warned Wednesday.
The deficit is projected to hit a record $3.3 trillion this year, and the national debt will exceed the size of the U.S. economy by 2021, according to a Congressional Budget Office report published Wednesday.
The federal deficit so far this fiscal year is at $2.8 trillion, roughly $2 trillion higher than the deficit for the same period last year, according to the Congressional Budget Office.
The Congressional Budget Office projected Monday that the country will lose nearly $16 trillion in gross domestic product over the next decade because of the pandemic.
The US Congressional Budget Office (CBO) predicted on Friday that, as a result of the COVID-19 pandemic, America’s deficit will reach $3.7 trillion this year, Politico reports. The CBO also said that unemployment will rise to 16 percent in 2020, before going to down to 9.5 percent by the end of 2021.
The latest Congressional Budget Office (CBO) report projects that the federal debt will grow to 98 percent of GDP by 2030, with the economy expanding at an average annual rate of 1.7 percent from 2021 to 2030.
The U.S. economy will grow at a ‘solid’ rate of 2.2 percent this year, the non-partisan Congressional Budget Office forecast on Tuesday, but with federal budget deficits hitting $1.015 trillion.
The U.S. government deficit rose by 12 percent in the first two months of the 2020 fiscal year, hitting $342 billion, according to new estimates from the Congressional Budget Office.
The federal deficit surpassed $1 trillion in the first 11 months of fiscal 2019, the Congressional Budget Office (CBO) said Monday.