CBO

House Speaker Kevin McCarthy speaks to members of the media at the U.S. Capitol in Washington, D.C., on May 24, 2023. The House is set to vote on a debt deal on Wednesday.

CBO says debt ceiling deal would cut deficits by $1.5 trillion over the next decade

11:55am May 31, 2023

by Scott Horsley

Congressional forecasters say the debt ceiling deal struck by President Biden and House Speaker Kevin McCarthy over the weekend would reduce deficits by about $1.5 trillion over the next decade.

The U.S. Capitol Building is seen on Jan. 19, 2023.

Politics & Government

The U.S. could run out of cash to pay its bills between July and September

2:33pm February 15, 2023

by Avie Schneider

If Congress fails to raise the nation's $31.4 trillion debt ceiling, the U.S. government could run out of cash between July and September, or even sooner, the Congressional Budget Office said.

Sheets of one-dollar bills run through the printing press at the Bureau of Engraving and Printing in 2015 in Washington, D.C. Congressional forecasters projected the federal deficit this fiscal year will hit its highest since World War II.

Federal Budget Deficit Expected To Hit Second Largest Since World War II

2:55pm February 11, 2021

by Scott Horsley

Congressional forecasters expect the federal deficit will hit the second largest in decades, even without factoring in President Biden's proposed $1.9 trillion coronavirus relief plan.

Sheets of $1 bills run through the printing press in 2015 at the U.S. Bureau of Engraving and Printing in Washington, D.C. National debt is expected to reach an all-time high of 107% of gross domestic product in 2023.

Economy

U.S. To Owe More Than The Size Of Its Economy For The 1st Time In 75 Years

6:31pm September 02, 2020

by Scott Horsley

Congressional forecasters expect the federal deficit to reach $3.3 trillion during the current fiscal year. By 2023, government debt will reach an all-time high of 107% of GDP.

The federal budget deficit is expected to grow to $960 billion this year, the Congressional Budget Office said.

The Federal Budget Deficit Is Getting Bigger As Spending Grows

5:09pm August 21, 2019

by Scott Horsley

The deficit is expected to swell to $960 billion this year and average $1.2 trillion in each of the next 10 years, according to congressional budget forecasters. They also expect the economy to slow.

President Trump displays the $1.5 trillion tax cut package he had just signed on Dec. 22, 2017.

$1 Trillion Deficits To Return, National Debt To Rise, Projects CBO

6:06pm April 09, 2018

by Susan Davis

The nonpartisan Congressional Budget Office released its first 10-year economic outlook to factor in the GOP's 2017 tax cuts and a recent two-year spending deal.

Sen. Bill Cassidy, R-La., continues to tweak the health care bill he cosponsors in an effort to persuade reluctant senators to back it.

'Millions' Fewer Would Have Coverage Under GOP Health Bill, Says CBO Analysis

8:30pm September 25, 2017

by Alison Kodjak

The Congressional Budget Office says it won't have time to analyze all the impacts of the latest GOP effort to repeal the ACA, but it says millions more would be uninsured than under current law.

Overlapping cards representing the various health laws and proposals â ACA, AHCA and BCRA

CHART: CBO Weighs Who Wins, Who Loses With Senate Health Care Bill

1:29pm June 27, 2017

The Congressional Budget Office estimates that 22 million people would lose coverage with the Senate bill. That includes 15 million people on Medicaid, and others who could no longer afford insurance.

President Donald Trump celebrates with House Speaker Paul Ryan in the White House Rose Garden Thursday after the House voted to pass the American Health Care Act.

As GOP Health Care Push Moves To Senate, White House Questions Value of CBO Analysis

10:11pm May 06, 2017

by Miles Parks

"I think I know the gospel pretty well," a White House spokeswoman said after the House passed a health care bill without the official legislative scoring, "and I'd say the CBO is not the gospel."

Cecile Richards, the president of Planned Parenthood, says the health care provider takes in about $400 million per year in reimbursements under Medicaid and other federal programs.

Planned Parenthood Would Lose Millions In Payments Under GOP Health Plan

3:24pm March 15, 2017

by Rebecca Hersher

The nonpartisan Congressional Budget Office estimates that defunding Planned Parenthood would cause an uptick in births. Nearly half of pregnancies in the U.S. are covered by Medicaid.

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