Tag Archives: gross domestic product

GAO: Congress, Administration Should Focus on Establishing Long-Term Fiscal Strategy

Fiscal Strategy

The Government Accountability Office (GAO) has recommended that Congress and the administration implement a long-term fiscal strategy after the COVID-19 pandemic to help the country maintain its position to meet its social and security requirements and address public health emergencies and other future events. “Absent any action, debt held by the public is projected to surpass 200 percent of GDP by 2048,” the GAO report reads.

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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 …

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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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Brookings Institution Report: Global Internet Disruptions Cost at Least $2B Over 12-Month Period

A study released by the Brookings Institution has found that the economic cost of temporary internet shutdowns that occurred in various parts of the world between July 1, 2015 and June 30, 2016 reached at least $2.4 billion. Darrell West — vice president and director of governance studies and founding director of the Brookings Institution’s …

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CBO Raises FY 2016 Federal Budget Deficit Projection to $590B

A Congressional Budget Office report predicts the federal budget deficit to hit $590 billion in fiscal year 2016, a figure $56 billion higher than the agency’s shortfall projection in March and $152 billion up from the previous fiscal year. CBO said Tuesday it forecasts public debt to rise from $14 trillion by …

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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 Sees $29B Decline in Federal Deficit Over 4 Months

A new Congressional Budget Office report shows that federal budget deficit amounted to $165 billion after four months of fiscal 2016, about $29 billion lower than the figure for the same period in fiscal 2015. CBO said Friday total amount of revenues earned by the government through individual and corporate income taxes …

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