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.FULL STORY
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.FULL STORY
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.FULL STORY
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.FULL STORY
New York (CNNMoney) - We're swimming in debt, but it wasn't always like this.
In 2001, the nonpartisan Congressional Budget Office projected that the federal government would run a surplus of $5.6 trillion over the ensuing decade.
That didn't happen. Instead, we racked up deficits of $6.2 trillion, a swing of $11.8 trillion, according to a new analysis from the CBO released Thursday.FULL STORY
New York (CNNMoney.com) - The Congressional Budget Office on Thursday offered economic projections that will inform lawmakers tackling one of the most controversial issues they face: how to balance the need to help the economy and curb U.S. debt.
If the Bush tax cuts for the majority of Americans and stimulus spending are allowed to continue, economic growth could be higher and unemployment lower in the near term than if the tax cuts and stimulus efforts expired as scheduled, CBO projected. But deficits would be higher.
"[It would provide] a considerable boost to economic activity in 2011 and beyond for a few years," said CBO Director Douglas Elmendorf. "Over time, [however,] the negative consequences of very high federal borrowing build up."
New York (CNNMoney.com) - Congressional budget scorekeepers said that a grab-bag bill of spending and tax measures to be taken up this week would increase federal deficits by $134 billion over a decade.
The bill, which is likely to become a flash point in the debate over the federal debt, would raise $40 billion worth in additional revenue, according to estimates by the Congressional Budget Office and the Joint Committee on Taxation.
But that's not enough to fully offset the $174 billion in additional federal outlays that would occur as a result under the bill. CBO released its cost estimate late Friday.
Washington (CNN) - The Congressional Budget Office has doubled the estimated increases of some costs resulting from the sweeping health care reform legislation passed this year.
A CBO report sent Tuesday to Rep. Jerry Lewis of California, the ranking Republican on the House Appropriations Committee, said the estimated rise in discretionary spending - which is spending requiring annual congressional authorization - over the first 10 years under the new legislation could exceed
On March 11, exactly two months earlier, the non-partisan CBO reported the estimated increase for discretionary spending could exceed $55 billion.
New York (CNNMoney.com) - Democrats pushing for health care reform are closer to the finish line than ever, but it's not over yet. And the question of cost will remain a central issue in coming days.
On Thursday, the Congressional Budget Office weighed in with a key - if still very preliminary - cost estimate.
The latest bill is a mix of provisions from a bill the Senate passed last December and proposals made by President Obama last month.
Like the Senate version, the so-called reconciliation bill would provide government subsidies to low- and middle-income families buying health insurance on their own, expand eligibility rules for Medicaid and provide coverage for a majority of uninsured Americans.
It would also establish a number of insurance reforms.
Washington (CNN) – The chairman of the Republican National Committee accused the White House Thursday of pushing and punishing the Congressional Budget Office into calculating an estimate for the health care bill that's favorable to Democrats.
In an interview with CNN's Rick Sanchez, Michael Steele mentioned the $940 billion figure, estimated for the next 10 years, and said, "That's a lie."