The Congressional Budget Office has released a report that assesses the effects of the five-week partial government shutdown on the federal budget and economy. CBO estimates that the partial shutdown resulted in the delay of federal discretionary spending worth approximately $18B for the procurement of goods and services, compensation and other government services, according to the report.
Read More »Treasury-OMB Report: Federal Budget Deficit at $779B in Fiscal 2018
Treasury Secretary Steven Mnuchin and Mick Mulvaney, director of the Office of Management and Budget, have issued a joint statement saying the federal budget deficit reached $779B in fiscal 2018, about $113B higher than the shortfall recorded in the previous fiscal year. The FY 2018 deficit was equivalent to 3.9 percent of the U.S. gross domestic product and $70B less than the projected shortfall in the Mid-Session Review for FY 2019, according to the statement published Monday.
Read More »CBO: Federal Budget Shortfall Rose to $668B in FY 2017
A new Congressional Budget Office report says the federal budget deficit in fiscal year 2017 ended Sept. 30 reached $668 billion, approximately $82 billion higher than the shortfall recorded in the previous fiscal year. CBO said Friday the FY 2017 budget shortfall was equivalent to 3.5 percent of the U.S. gross domestic …
Read More »Jens Stoltenberg: NATO Allies Eye 4.3% Rise in 2017 Defense Spending
NATO Secretary General Jens Stoltenberg has said NATO member states plan a 4.3 percent increase in military spending this year amid President Donald Trump’s call for allies to pay more for their own defense, the Washington Post reported Wednesday. “I welcome the strong focus of President Trump on defense spending …
Read More »President Trump Urges NATO Members to Boost Defense Spending
President Donald Trump has urged NATO member countries to meet commitments to spend 2 percent of their gross domestic product on defense, DoD News reported Thursday. Trump said at the NATO headquarters in Brussels, Belgium that the 2 percent commitment is the “bare minimum” for addressing current threats and is not enough …
Read More »James Mattis Urges NATO Allies to Increase Defense Spending
Defense Secretary James Mattis has said NATO member countries should increase their defense spending and that the U.S. government may have to “moderate its commitment” to the alliance if nations fail to do so, The Hill reported Wednesday. Of NATO’s 28 member states, the U.S., Greece, Poland, Estonia and the …
Read More »GAO: Public Debt-to-GDP Ratio to Surpass Historical High Within 15 Years
A Government Accountability Office report obtained by Deltek predicts the ratio of U.S. public debt to gross domestic product to grow and exceed the historical high of 106 percent in 1946 within the next 15 to 25 years and continue to rise beyond that period. John Slye wrote in a blog …
Read More »CBO’s Keith Hall: Growth in Healthcare, Retirement Spending to Drive Up Budget Deficit From 2017 to 2027
Keith Hall, director of the Congressional Budget Office, has said CBO predicts the U.S. budget deficit to grow over the next 10 years if current laws remain unchanged. Hall said in a statement published Tuesday that increasing interest payments on government’s debt, rise in healthcare program and retirement spending and growth in …
Read More »Gen. Joseph Dunford: Joint Force Needs to Integrate US Military Capabilities Amid Global Security Threats
Marine Corps Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff, has said the joint force needs to integrate all components of national power and U.S. military capabilities worldwide amid security threats associated with what he calls the “four-plus-one” model, DoD News reported Thursday. Jim Garamone writes Dunford said at …
Read More »CBO: Federal Budget Deficit Rose to $587B in FY 2016
A new Congressional Budget Office report says the federal budget deficit in fiscal year 2016 ended Sept. 30 reached $587 billion, about $148 billion higher than the shortfall recorded in the previous fiscal year. CBO said Monday the FY 2016 budget deficit was equivalent to 3.2 percent of the U.S. gross domestic product …
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