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Gene Dodaro: Public Debt 73% Of GDP

Debt held by the U.S. public represents 73 percent of gross domestic product, a sharp increase from the 40 percent mark in the 1970s through the 1990s, according to the U.S. comptroller general. Gene Dodaro, head of the Government Accountability Office, gave several figures on U.S. government debt at the …

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CBO: US Debt Could Be 77% Of GDP By 2013

The Congressional Budget Office forecasts U.S. debt held by the public could reach 77 percent of gross domestic product by 2023, Reuters reports. David Lawder writes the CBO announced that prediction as it released its fiscal year 2013 analysis, which factors in the nearly $85 billion in automatic spending cuts …

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Geithner Cautions Against Congress Punting Fiscal Cliff Deal

Treasury Secretary Tim Geithner said Tuesday lawmakers should not put off an agreement to deal with the fiscal cliff of spending cuts and tax hikes until later, National Journal reports. Geithner told a Wall Street Journal CEO Council meeting that would extend the uncertainty of the country’s fiscal future and …

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CBO: Federal Debt Could Reach 70% Of GDP

The Congressional Budget Office estimates that federal debt could reach about 70 percent of the country’s total gross domestic product by the end of this year, the agency reported Tuesday. The agency added that this year’s fiscal debt projection is an all-time high going back to shortly after World War …

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Congress Looking to Save Postal Service as Payments Come Due

Congress passed a continuing resolution Monday that extended a deadline to Nov. 18 for the Postal Service to pay $5.5 billion to the Treasury Department. The resolution comes as the cash-stricken agency’s debts threaten its operations. It is expected to announce record losses when its fiscal year ends Friday and expects …

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