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Don’t be fooled: America’s deficit is still a problem

The Congressional Budget Office recently put out new budget projections and commentators have had a series of feel-good moments about it. Debt is under control, they say. Projections of Medicare costs continue to fall, they point out. Show More Summary

CBO, Fed Growth Forecasts Unattainable, Northwestern’s Gordon Says

The Congressional Budget Office’s projection of modest annual U.S. output growth of 2.2% in the coming decade is unattainable, as is the Federal Reserve’s expectation of growth near 3% in the next two years, according to a new paper by Northwestern University economics professor Robert Gordon.

Move over deficit fetishists, there's a new Medicare narrative in town

Deficit fetishists are going to have to change their script, as Medicare is turning out to be better and better news for the economy all the time. The Congressional Budget Office released projections on Wednesday for Medicare spending, and they projected another decline in spending on the program from previous projections. The changes are big. Show More Summary

CBO Director: Political Divide Makes Fiscal Progress ‘Very Hard’

Congressional Budget Office Director Douglas Elmendorf said Thursday that the current political divide in Washington – and across America – makes it very tough for the country to coalesce around any sort of agreement to solve the nation’s long-term fiscal challenges.

Three Minutes to a Better Grasp of the Federal Deficit

David Wessel: A guide to understanding the federal deficit and the Congressional Budget Office's updated numbers.

As CBO Reduces Its Growth Projection, AP Still Gives Cred to Obama Admin's Absurd Forecast

In a Wednesday report on the Congressional Budget Office's downward revision of this year's predicted gross domestic product growth to a dismal 1.5 percent, the Associated Press's Andrew Taylor acted as if the Obama administration'sShow More Summary

CBO: An Update to the Budget and Economic Outlook

Congressional Budget Office, An Update to the Budget and Economic Outlook (Aug. 2014):

US budget office raises deficit forecast

6 days agoNews : The Newsroom

The US Congressional Budget Office raised its forecast for the US fiscal deficit this year on Wednesday, but said it would still be much lower than last year's. The CBO also reiterated its medium-term view that the US deficit will begin accelerating at the end of this decade, gaining size in real terms and as a percentage of gross domestic product. Show More Summary

CBO Thinks Millions Of Americans Aren't Going To Sign Up For Obamacare

Submitted by Robert Murphy via Mises Canada, In June the U.S. Congressional Budget Office (CBO) updated its forecasts regarding the “individual mandate” component of the Affordable Care Act (ACA), also known as “ObamaCare.” Recall that...Show More Summary

Yes, Obamacare is cutting the deficit

Today the Congressional Budget Office released its latest economic and fiscal projections, and guess what: The news is pretty good. In fact, all the “deficit hawks” out there who are deeply concerned about too much borrowing and the terrible choices our grandchildren will confront might want to write a letter of thanks to one Barack […]

U.S. economy forecast to grow by 1.5% in 2014

The Congressional Budget Office on Wednesday forecast that the U.S. economy will grow by just 1.5% in 2014, undermined by a poor performance during the first three months of the year. The new... To view the full story, click the title link.

Estimate: Economy will grow by 1.5 percent in 2014

The Congressional Budget Office estimates that a rough winter slowed growth during the first part of the year, which is taking a toll

CBO: Deficit is Down, But Debt Remains High

6 days agoNews : Reason

The Congressional Budget Office released another report on the nation’s debt and deficit picture today, and the short version goes something like this: We’ve made some short-term progress in reducing annual deficits, but the long-term debt picture is still quite bleak. Show More Summary

Headline Writer at Washington Post Gets Budget Story Backward

The headline of the Washington Post piece on the new budget projections from the Congressional Budget Office (CBO) told readers, "CBO: Deficit falls to $506 billion in 2014, but debt continues to rise." Both parts of this are wrong if the comparison is the most recent prior set of projections. Show More Summary

CBO’s Elmendorf Mum on His Future

Congressional Budget Office Director Douglas Elmendorf declined on Wednesday to say whether he was interested in staying at the agency once his term expires in January, saying at a press briefing that “I love this job and I’m very focused on doing it.”

Fed Policy, Revenues, Help Relieve U.S. Budget Pressure: CBO

The Federal Reserve has helped put the federal budget on a more sustainable path by holding interest rates very low and making big payments to the U.S. Treasury, according to a new report from the Congressional Budget Office.

CBO "Revises" Its 2014 GDP Forecast, Hilarity Ensues (As Always)

The gross, in fact epic, incompetence of the Congressional Budget Office when it comes to doing its only job, forecasting the future state of the US economy, has previously been extensively documented here (and here and here and here). Show More Summary

Mandatory Spending Continues to Drive the Budget

Nicole Kaeding This morning, the Congressional Budget Office (CBO) released its updated Budget and Economic Outlook report, known in Washington, D.C. parlance as the “baseline.” This report details CBO’s projections on federal spending...Show More Summary

Chart of the Day: The Federal Deficit Is In Pretty Good Shape These Days

You already know this—don't you?—but just to refresh your memories, here's the latest projection of the federal deficit from the Congressional Budget Office. As you can see, for the entire next decade CBO figures that the deficit will be running at a very manageable 3 percent of GDP, right in line with historical averages. Show More Summary

US economy forecast to grow by 1.5% in 2014

The Congressional Budget Office says the U.S. economy will grow by just 1.5% this year—hurt by a poor first-quarter performance. This new assessment is considerably more pessimistic than the... To view the full story, click the title link.

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