Congressional Budget Office News

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Spending Cuts Not Expected to Dent $1.5 Trillion Deficit

WASHINGTON -- The $38 billion in spending cuts agreed to last week won't prevent this year's budget deficit from setting another record high, estimated at $1.5 trillion. Most of the agreed-to spending cuts either affect future budgets or amount to accounting gimmicks that won't reduce actual spending. The Treasury...

GOP Budget Proposal Would Increase Health Cost for Future Retirees

WASHINGTON -- Most future retirees would pay considerably more for health care under the new budget proposed by House Republicans, according to an analysis by nonpartisan experts for Congress that signals problems ahead for the plan. The fiscal blueprint would put people now 54 and younger in a different kind of health...

House Votes to End Mortgage Reduction Program

WASHINGTON -- House Republicans pushed through legislation Tuesday to terminate an underachieving Obama administration program designed to reduce mortgage payments for homeowners in danger of losing their homes to foreclosure. Most Democrats, while acknowledging that the Home Affordable Modification Program has fallen...

Senate Sends 3-Week Funding Bill to Obama

WASHINGTON -- Congress has approved $6 billion in spending cuts as part of legislation to keep the government running for three more weeks and give President Barack Obama and congressional leaders time to negotiate a far more sweeping package of reductions demanded by Republicans. The bill easily passed the Senate by a...

February Federal Budget Deficit Sets Record

WASHINGTON -- The government ran the largest-ever budget deficit for a single month in February. The shortfall kept this year's annual deficit on pace to end as the biggest in U.S. history. The widening deficit reflects the impact of the tax-cut package President Barack Obama and congressional Republicans brokered in...

Background on Congressional Budget Office

The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that provides economic data to Congress.

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