CBO Says We Have a Tax Problem, Not a Spending Problem

On Sept. 17, the non-partisan Congressional Budget Office (CBO) released its 2013 Long-Term Budget Outlook, and it has some great news. Specifically, CBO is predicting substantially lower health care spending this year and 25 years into the future.

read in full

The Lack of Jobs Is the Problem, Not Deficits

Budget deficits are shrinking at a breakneck pace now and will continue to do so over the next several years, according to the Congressional Budget Office (CBO), which released its latest projections on the budget and the economy on May 14. Meanwhile, we have anemic jobs growth that’s worse than it should be, in large part because of all the extreme deficit reduction measures we’ve seen over the last few years.

read in full

CBO Monthly Budget Review, May 2011

Congressional Budget Office

Last week, the Congressional Budget Office (CBO) released their latest Monthly Budget Review (MBR). While not as "salacious" as either the April or the February reports – at least in terms of how Capitol Hill is likely to react toward the release – this month’s review includes several interesting items.

read in full

CBO Monthly Budget Review, April 2011

Same Report, Different Month

Last Thursday, the Congressional Budget Office (CBO) released its Monthly Budget Review (MBR) for April. If you've been keeping an eye on this blog, you'd know that the $830 billion deficit Uncle Sam has racked up over the first six months of fiscal year (FY) 2011 is unsurprising and isn't really newsworthy. Of course, that's not the way it's likely to play out in the media or on Capitol Hill.

read in full

CBO Monthly Budget Review, February 2011

Congressional Budget Office

The Congressional Budget Office's (CBO) Monthly Budget Review (MBR) for February is out and it has piqued deficit hawks around Washington. The thing is, though, February's MBR is just like all the rest of CBO's recent monthly budget reports: it reveals that the country spent a lot more money than it took in over the previous thirty-day period.

read in full

This is What Happens When You Extend Unpaid-For Tax Cuts

'Martha's polishing the brass on the titanic.  It's all going down man...'

Yesterday, the Congressional Budget Office (CBO) – Congress' nonpartisan fiscal scorekeeper – released their revised budget and economic outlook for fiscal year (FY) 2011 through FY 2021. The most newsworthy element of the new estimates is this year's revised deficit projection. As most media outlets noted, Uncle Sam's predicted budgetary shortfall for 2011 went from just over $1 trillion to $1.5 trillion. Extension of the unpaid-for Bush tax cuts comprises almost the entire additional shortfall.

read in full

CBO: Repeal of ACA Will Explode Future Deficits

What's the opposite of well thought out and helpful public policy?

Here's an interesting piece of news out of the non-partisan Congressional Budget Office (CBO): the Republican bill to repeal the Affordable Care Act (ACA) will increase federal budget deficits "something in the vicinity of $230 billion" over the next ten years. What was that pledge the GOP made to the American people before the midterms? It included something about bringing down deficits, didn't it?

read in full

CBO Monthly Budget Review, November 2010

Congressional Budget Office

On Monday, the Congressional Budget Office (CBO) released its Monthly Budget Review (MBR) for November. Two months into fiscal year (FY) 2011 and the federal government is $283 billion in the hole. The good news is that this deficit is $14 billion less than the shortfall the government experienced at this time last year. The continuing bad news is that budget deficits like this are going to continue well into the future. Oh, and according to the report, the economy is "strengthening," which is also good news.

read in full

CBO Monthly Budget Review, October 2010

Because you need something funny to look at while you read this stuff...

The Congressional Budget Office (CBO) has released its Monthly Budget Review (MBR) for October. This latest MBR finalizes September's report that projected a deficit $125 billion less than the shortfall recorded in 2009. It turns out the government incurred a $1.3 trillion deficit, which is only $122 billion less than the deficit Uncle Sam racked up in 2009. On a positive note, though, it's confirmed that this the biggest one-year nominal drop in the deficit ever recorded.

read in full

CBO Monthly Budget Review, September 2010

Congressional Budget Office

Last Thursday, the Congressional Budget Office (CBO) released their last Monthly Budget Review (MBR) for the fiscal year. So how much debt did Uncle Sam rack up in 2010, you ask. Well, just under $1.3 trillion. This figure is $50 billion less than what CBO projected just last month and is "$125 billion less than the shortfall recorded in 2009." Everyone say, "Hooray" for deficit reduction.

read in full

Pages