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Congressional Budget Office

All articles tagged with #congressional budget office

politics27 days ago•5 min saved

CBO Report: Iran War Costs $38 Billion, Depletes Munitions for Years

The Congressional Budget Office (CBO) estimates the U.S. war in Iran has cost $38 billion through August 1, with monthly expenses projected at $2-3 billion. The conflict has significantly depleted munitions stockpiles, which may take five years to rebuild. While the Pentagon cited $33.4 billion in costs by late June, the CBO’s figure includes broader operational and replacement costs. The Department of Defense did not provide full data, limiting the CBO’s analysis. Iranian strikes damaged hundreds of U.S. military and diplomatic facilities across eight Middle Eastern countries, with equipment losses valued at $3.7 billion. U.S. casualties include 18 dead and 774 wounded as of late August. Funding is being diverted from training and maintenance budgets due to the lack of a dedicated appropriation for the conflict.

via The New York Times|

#congressional-budget-office #defense-budget #iran-war

economy8 months ago•255 min saved

U.S. debt climbs by nearly $700B in four months, per CBO

New data from the Congressional Budget Office show the U.S. added about $696 billion to the national debt over four months, borrowing $94 billion in January alone. The debt now sits near $38 trillion, about 100% of GDP—the highest postwar level—raising the risk of a financial crisis if deficits aren’t tamed. While rising spending is a factor, the GOP’s budget reconciliation bill also boosted corporate deductions, contributing to lower tax revenue. Net interest payments reached a record of over $1 trillion in FY2025. The report warns that sustained deficits could fuel inflation, higher interest rates, slower growth, and potential national security implications.

via AOL.com|

#budget-reconciliation-bill #congressional-budget-office #deficits

economy11 months ago•0 min saved

Government Shutdown Could Cost U.S. Economy Up to $14 Billion

A government shutdown is projected to cost the U.S. economy between $7 billion and $14 billion, with federal workers missing paychecks and food benefits for low-income Americans disrupted, leading to a 1-2% decrease in GDP in late 2025.

via The Washington Post|

#congressional-budget-office #economic-impact #economy

politics1 year ago•1 min saved

GOP Senate Bill Would Cut $1.1 Trillion in Health Funding, Leaving 11.8 Million Uninsured

The Senate version of Trump's policy bill proposes deeper healthcare cuts than the House version, potentially leading to 11.8 million more Americans losing insurance by 2034, with over $1.1 trillion in reductions mainly from Medicaid, according to the Congressional Budget Office.

via The New York Times|

#congressional-budget-office #healthcare-cuts #medicaid

politics1 year ago•11 min saved

Trump’s Proposed Tax Bill Would Favor the Wealthy at the Expense of the Poor

The proposed Republican bill would significantly increase inequality by cutting taxes for the wealthy and reducing benefits for the poor, making it more regressive than any major law in decades, according to the Congressional Budget Office.

via The New York Times|

#bill #congressional-budget-office #income

politics1 year ago•1 min saved

GOP Tax Bill Would Significantly Favor the Wealthy at the Expense of the Poor

A new CBO analysis shows the GOP's proposed $3 trillion tax and spending bill would mainly benefit the wealthy, with top earners gaining the most, while low-income families would face losses due to reduced benefits and modest tax savings.

via NPR|

#congressional-budget-office #economic-impact #income-inequality

politics1 year ago•6 min saved

CBO Under Scrutiny: The Nonpartisan Agency Faces Republican Criticism

The Congressional Budget Office (CBO), established in 1974 to provide Congress with objective budget impact analyses, faces criticism from Republicans who dispute its projections, especially regarding legislation's effect on deficits. Despite accusations of partisanship, the CBO maintains it is a nonpartisan agency designed to offer unbiased, expert analysis to aid legislative decision-making, though its forecasts are inherently challenging and sometimes controversial.

via NPR|

#budget-estimates #cbo #congressional-budget-office

economy1 year ago•2 min saved

CBO: Trump's Tariffs Could Reduce Deficit but Harm Economy and Increase Inflation

The Congressional Budget Office forecasts that President Trump's tariffs could reduce the US federal deficit by $2.8 trillion over the next decade if they remain in place, though there are significant uncertainties and potential economic impacts, including higher inflation and slower growth.

via NPR|

#congressional-budget-office #economy #federal-deficit

politics1 year ago•1 min saved

CBO: Trump’s Budget Plan Would Increase National Debt by $2.4 Trillion

A new estimate from the Congressional Budget Office projects that the Republican bill for President Trump's domestic agenda will add $2.4 trillion to the national debt over 10 years, increase the number of uninsured by 10.9 million, and involves significant tax cuts and spending changes, with uncertain effects in the Senate.

via NBC News|

#congressional-budget-office #gop-bill #health-insurance

politics1 year ago•2 min saved

Trump's Tax Cuts to Increase US Debt by $2.4 Trillion, CBO Reports

The Congressional Budget Office revised its estimate, indicating that President Trump's tax-cut and spending bill will add approximately $2.4 trillion to the U.S. national debt, less than the earlier forecast of $3.8 trillion, amid ongoing debates within Congress and criticism from figures like Elon Musk.

via Reuters|

#congressional-budget-office #debt-increase #fiscal-policy

military-procurement2 years ago•3 min saved

"Budget Office Warns of Tripled Costs for Amphibious Ship Project"

The Congressional Budget Office predicts that the Landing Ship Medium program could cost between $6.2 billion and $7.8 billion for an 18-ship program, significantly higher than the U.S. Navy's estimate of $2.6 billion. Uncertainty surrounding the ship's role and design has led to discrepancies in cost estimates, with questions remaining about the ship's concept of operations and survivability standards. The cost will also depend on the number of ships the Navy ultimately buys and the standards used for design, with potential cost variations of $4 billion to $8 billion for an 18-ship program.

via Defense News|

#amphibious-ship #congressional-budget-office #cost-estimate

politics2 years ago•4 min saved

"Biden's Student Loan Forgiveness: Who Pays and Who Qualifies?"

President Biden is attempting to cancel student loan debt for up to 25 million borrowers through a new plan that could write down balances by $5,000 to $20,000 per borrower, potentially costing the government billions in lost revenue. The plan targets people who have been paying their loans for 20 years or more, but faces challenges from both Republicans and Democrats. Critics argue that the relief primarily benefits higher-income individuals and lacks corresponding reforms to the student debt program, potentially leading to a return to prior debt levels within five years.

via Yahoo Finance|

#biden-administration #congressional-budget-office #loan-forgiveness

economics2 years ago•2 min saved

"Warnings of Market Shock and Bitcoin Earthquake as US Debt Hits Unsustainable Path"

The head of the Congressional Budget Office warns that the unprecedented levels of US government borrowing could trigger a damaging market reaction, with federal debt projected to surpass World War II levels by 2029. Both Democrats and Republicans are blamed for fiscal profligacy, and economists are concerned about the potential impact of renewing the 2017 tax cut program. While Congress needs to act quickly to address the federal debt pile, cooperation from a divided Congress may be challenging, and a fiscal crisis could come as early as next year if there is no course correction.

via Semafor|

#congressional-budget-office #economics #fiscal-crisis

economics2 years ago•0 min saved

"Budget Watchdog's Warning: US Government Debt Poses Market Risk"

The Congressional Budget Office projects US federal government debt to reach 116% of GDP by 2034, surpassing levels seen during World War II. However, using current market interest rate expectations and assuming the continuation of Trump's tax cuts, the debt-to-GDP ratio could rise to 123% by 2034, indicating a potentially more dire situation than projected.

via Bloomberg|

#congressional-budget-office #economics #gdp

economy2 years ago•9 min saved

"Budget Watchdog Warns of Impending US Debt Danger"

The Congressional Budget Office projects that US federal government debt is on track to reach 116% of GDP by 2034, with potential for even higher levels. Bloomberg Economics' simulations show that in 88% of scenarios, the debt-to-GDP ratio is unsustainable. The Biden administration aims to address this through tax hikes, but bipartisan action from a divided Congress is necessary. Market participants are skeptical of the CBO's optimistic assumptions, and heavyweights across the political spectrum express concern about the nation's deficits. The US faces the risk of a debt crisis, which could have global repercussions.

via Yahoo Finance|

#congressional-budget-office #debt #economy