Congressional Budget Office

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Cap-and-Trade Bill 'Biggest Tax in US History'

(Newser) - The cap-and-trade climate legislation that could come up for a House vote tomorrow makes no economic sense and “is likely to be the biggest tax in American history,” write the editors of the Wall Street Journal. Democrats are defending the bill with an incomplete Congressional Budget Office estimate...

Senate Hits Brakes on Health Care

(Newser) - Would-be health care reformers had a bad day yesterday, hitting a series of obstacles that makes hitting President Obama’s August deadline increasingly unlikely, Politico reports. The Senate Finance Committee said it wouldn’t have a package before the July 4 recess, and the Congressional Budget Office slapped a $1....

Fight Looms Over Plan to Give Loan Funds to Students

The administration wants to cut out private lenders, setting up a showdown

(Newser) - President Obama's plans to end a subsidized student-loan program—diverting billions of dollars in profits for private lenders like Sallie Mae to scholarships for needy students—is prompting howls of protest from lenders and setting up a Congressional showdown, the New York Times reports. The Congressional Budget Office estimates that...

Budget Deficit Soars Past $1.8T
 Budget Deficit Soars Past $1.8T 
Mar 20, 2009 4:01 PM CDT

Budget Deficit Soars Past $1.8T

(Newser) - The federal budget deficit will surpass $1.8 trillion during the current fiscal year, the Congressional Budget Office said today. The figure far outstrips the previous estimate of $1.2 trillion and spells trouble for President Obama's proposed budget, the Wall Street Journal reports, but the White House budget director...

US 2009 Deficit at Least $1.2T
 US 2009 Deficit at Least $1.2T 
Jan 7, 2009 11:19 AM CST

US 2009 Deficit at Least $1.2T

(Newser) - This fiscal year, which started in October, will see the US running a budget deficit of at least $1.2 trillion, the largest ever, the Washington Post reports. That number could swell to $1.6 trillion if Barack Obama’s massive $800 billion stimulus plan is approved by Congress. The...

Tab for Fannie, Freddie Bailout Pegged at $25B

But chance better than 50% feds won't need to step in: budget office

(Newser) - A federal bailout of Fannie Mae and Freddie Mac will cost $25 billion, the Congressional Budget Office said today, but there’s a better than 50% chance no rescue will be needed. The plan sought by Treasury Secretary Henry Paulson would extend an unlimited line of credit to the government-sponsored...

Record 28 Million Americans to Get Food Stamps

Slip into poverty a grim economic indicator

(Newser) - In an economic indicator that paints a grim future for swaths of the US population, an all-time record 28 million Americans are expected to be close enough to poverty to receive $36 billion in food stamps in the coming fiscal year, reports the New York Times. There is a surge...

Given Rent Prices, Homes Still Too High

Expect another 15% drop if historical relationship holds

(Newser) - If rent prices are any indication, home prices aren’t done falling, according to one former and two current Federal Reserve economists. Annual rents have historically held steady at about 5% of home prices, but since 1996 home prices have left rents in the dust, the Wall Street Journal explains....

What Price War? Try $2.4T
What Price War? Try $2.4T
Oct 24, 2007 4:16 PM CDT

What Price War? Try $2.4T

Figure much higher than previous estimates for Iraq, Afghanistan

(Newser) - Americans will have to pony up $8,000 apiece to fund the Iraq and Afghanistan wars through the next decade—a total that could top $2.4 trillion—according to a projection by the Congressional Budget Office released today. The figure dwarfs previous CBO estimates because it factors in $705...

Immigration Bill Survives Senate Onslaught

Coalition in tatters, but holding, despite barrage of amendments

(Newser) - The immigration bill before the Senate dodged bullets from the right and the left yesterday; when the smoke cleared the coalition backing it appeared to be intact—if barely, the Washington Post reports. An amendment to block legalization for many illegals was defeated; one to extend visas to many more...

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