Tag Archives: deficit

CBO: Tax, Spending Packages to Drive Up 2016 Budget Deficit

The Congressional Budget Office forecasts the U.S. budget deficit to reach $544 billion in fiscal 2016, about $105 billion more than fiscal 2015’s shortfall, Bloomberg reported Wednesday. Andrew Mayeda writes CBO said in a budget and economic outlook report Tuesday the projected 2016 deficit increase will be driven by massive spending and tax bills that were passed …

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CBO: Annual US Deficit Fell to Lowest Point in 8 Years

The Congressional Budget Office has published an infographic report that indicates the $439 billion U.S. budget shortfall the agency recorded for fiscal 2015 was the government’s smallest deficit since fiscal 2007. CBO said Wednesday federal debt held by the public at the end of FY 2015 was 74 percent of gross domestic product, the highest annual …

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CBO: Restoring Americans’ Healthcare Freedom Bill Would Help Lower US Budget Deficit

Keith Hall, director of the Congressional Budget Office, has sent a letter to Senate Budget Committee Chairman Mike Enzi to discuss the results of a study on the potential budgetary effects of the proposed Restoring Americans’ Healthcare Freedom Reconciliation Act. Hall said in the letter that CBO and the Joint Committee on Taxation estimate the implementation of the …

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CBO Sees $61B Decline in Federal Deficit Over 11 Months

A report by the Congressional Budget Office estimates that the U.S. budget deficit totaled $528 billion in the first 11 months of fiscal 2015, down $61 billion compared with the prior-year period’s shortfall. CBO said Tuesday it found tax receipts grew by 8 percent to $2.9 trillion since October 2014, primarily …

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CBO: Federal Deficit Drops 14% Over 9-Month Period

A Congressional Budget Office report shows that the U.S. budget deficit reached $314 billion during the first nine months of the federal government’s 2015 fiscal year, down $52 billion from the prior-year period. Revenues earned by the government rose 8 percent and expenditures grew 5 percent over the past nine …

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CBO Raises FY 2015 Deficit Forecast to $486B

The Congressional Budget Office forecasts the U.S. annual budget deficit to reach $486 billion, $18 billion higher than the agency’s shortfall projection in January. CBO adjusted its federal debt estimate for fiscal 2015 due to an anticipated increase in government spending for Medicaid, Medicare and student loan programs, the agency …

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Defense, 2-Year Budget Bills Paint FY 2014-15 Spending Picture

President Barack Obama late last week signed two key pieces of legislation that detail the Defense Department’s budget for fiscal year 2014 and the federal government’s budget for fiscal years 2014 and 2015, according to Reuters. Ros Krasny writes the signed defense authorization bill gives the Pentagon $526.8 billion in fiscal …

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Postal Service Changing Overtime, Increasing Buyouts

The U.S. Postal Service will enter another round of buyouts and reduce the number of overtime hours as it prepares to eliminate Saturday first-class mail delivery, Federal News Radio reports. Jason Miller writes the agency has eliminated 306,000 jobs during the last 13 years and this shift in schedule will …

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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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