CBO Predicts Deficit Will Top $1 Trillion

The Congressional Budget Office predicted this week that the federal budget deficit will top $1 trillion annually over the next 10 years unless Congress makes “significant changes to tax and spending policies.” The soaring deficit is fueled by increased borrowing by the federal government, though CBO predicted that interest rates for the next decade would… Read more »

White House, Congress Seek to Avoid Year-End Shutdown

Congressional leaders and the White House now support a stopgap continuing resolution that would fund the government until at least mid-December – setting up the possibility of another year-end government shutdown if negotiators can’t reach a fiscal 2020 spending agreement in the interim. With the House on recess this week, Congress will have eight days… Read more »

Tax Receipts in 2019 Down $28 Billion

The federal government took in $28 billion less in total tax receipts in 2019 than was initially projected, according to the Congressional Budget Office. The revenue decline may have been influenced by tax changes enacted in Republicans’ 2017 Tax Cuts and Jobs Act but CBO stopped short of saying that definitively. “In short, revenues in… Read more »