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CBO: FY 2016 Federal Budget Deficit to Reach $534B

A new Congressional Budget Office report forecasts the federal budget deficit to hit $534 billion in fiscal year 2016, about $100 billion higher than the agency’s shortfall estimates in the previous fiscal year. CBO said in the March 2016 report that it predicts public debt to reach 86 percent of gross domestic …

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CBO: US Could Default on Debt After September

The Congressional Budget Office estimates the U.S. government will be at risk of defaulting on its debt sometime between October and November 2015 unless lawmakers strike a new debt-ceiling agreement. CBO said Congress passed the Temporary Debt Limit Extension Act last year to extend the U.S.’ borrowing authority through March …

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CBO: FY 2014 Federal Deficit Down $170B From a Year Ago

The Congressional Budget Office estimates that the U.S. budget deficit for the current fiscal year will reach $506 billion, a $170 billion decrease from the shortfall level recorded in fiscal 2013. CBO’s updated budget and economic outlook report indicates that federal debt will be 74 percent of the U.S. gross …

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CBO: Deficit Could Hit $7T By 2024

The Congressional Budget Office has released its 2014 long-term budget outlook that forecasts federal budget deficits between fiscal years 2015 and 2024 to reach a total of nearly $7.6 trillion. The U.S. could also run into a fiscal crisis if it fails to control a growing federal debt, CBO said …

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