New York (CNNMoney) - The looming $85 billion in spending cuts coupled with new tax increases will slow economic growth considerably this year.
But the economy is likely to pick up steam in 2014, pushing unemployment down and setting the stage for a rise in interest rates and inflation.
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New York (CNNMoney) - The federal government logged a $1.1 trillion deficit in fiscal year 2012 - marking the fourth straight year of trillion-dollar shortfalls.
As a share of the economy, the deficit fell to roughly 7%, according to Congressional Budget Office estimates released Friday. That's down from 8.7% in 2011, and well below the bruising 10.1% recorded in 2009 during the depth of the economic downturn.
Deficits as a share of GDP in the past four years have been the highest since 1947.
(CNN) – Republican presidential candidate Mitt Romney on Wednesday referred to a new Congressional Budget Office report that outlines the potentially dismal impact of the impending "fiscal cliff" as "unacceptable."
The CBO report found that the spending cuts and tax increases would result in a recession and higher unemployment. However, the report also said it would improve the outlook of the federal government's budget deficit.
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NEW YORK (CNNMoney) - If the so-called fiscal cliff takes effect in 2013, the U.S. deficit outlook will improve, but scheduled tax increases and spending cuts would push the country into recession and unemployment up to 9%.
That's one of the main takeaways from an analysis Wednesday by the Congressional Budget Office, which released its updated budget and economic projections for 2012 through 2022.
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(CNN) – Mitt Romney's senior adviser Ed Gillespie said Wednesday in a CNN interview that he did not know when his candidate would balance the federal budget, the day after Romney's new vice presidential candidate, House Budget Committee Chairman Paul Ryan, said the campaign had not yet "run the numbers."
Romney, meanwhile, was on the campaign trail this week praising Ohio Gov. John Kasich's understanding "that it's government's job to balance budgets" and saying his plan would "get us to a balanced budget faster than the plan [Ryan] originally put forward" - while providing few details about how he would balance the federal budget, which he said in June would be reached "within eight to 10 years."
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New York (CNNMoney) - The Congressional Budget Office on Tuesday painted a stark picture of the country's fiscal future, which will be determined in part by tough choices lawmakers face in the coming months on the federal budget.
The CBO, the nonpartisan official beancounter in Washington, painted two scenarios for Congress.
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New York (CNNMoney) – Cutting spending and raising taxes now could put a drag on the economy.
That was the message Congressional Budget Office Director Douglas Elmendorf delivered Tuesday to the new congressional debt committee, which is in week two of its hurry-up assignment to propose ways to slash deficits.
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NEW YORK (CNNMoney) - The last-minute debt ceiling deal Congress is racing to enact would reduce deficits by at least $2.1 trillion over 10 years.
That's the verdict from the all-important nonpartisan Congressional Budget Office, which is the official scorekeeper for all legislation.
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NEW YORK (CNNMoney) – First the House debt ceiling bill came up short. Now it's the Senate bill.
The Congressional Budget Office on Wednesday said the proposal by Senate Majority Leader Harry Reid, which would raise the debt cap by $2.7 trillion, would reduce deficits by $2.2 trillion.
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NEW YORK (CNNMoney) - With the clock ticking down, House Speaker John Boehner will rewrite his debt ceiling legislation to ensure that it meets his oft-stated pledge to cut spending more than Congress increases the federal borrowing limit.
That was the word from Boehner's office after the Congressional Budget Office on Tuesday evening estimated that the Budget Control Act of 2011 would reduce deficits by only $851 billion over 10 years.
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