The U.S. is likely to add $19 trillion more to the national debt in the next 10 years, which is $3 trillion higher than previously expected, new Congressional Budget Office (CBO) predictions show.
By the end of 2023, the CBO projects the deficit to be $1.4 trillion, and it will continue to average about $2 trillion annually, raising the debt to about $52 trillion. The CBO report indicates that the rise in the deficit is a result of bipartisan legislation coupled with the Federal Reserve’s hike in interest rates.
Federal debt soared by $1.4 trillion in 2022 as President Joe Biden and Congress approved multiple new spending packages.
The Congressional Budget Office released the final details of federal spending in 2022 showing the federal government had a $1.4 trillion deficit last year, borrowing roughly $82 billion in December alone.
August 7 was a big day for the Spendthrift Seven. In just 12 hours, these Senate Democrats — all facing re-election Tuesday — gave the middle finger to middle-class taxpayers, hugged illegal aliens, and high-fived the IRS.
Arizona’s Mark Kelly, Colorado’s Michael Bennet, Connecticut’s Richard Blumenthal, Georgia’s Raphael Warnock, Nevada’s Catherine Cortez Masto, New Hampshire’s Maggie Hassan and Washington’s Patty Murray did these things while the Senate considered President Joe Biden’s deceptively titled, 273-page Inflation Reduction Act (IRA). Their votes should appall every American.
Gas prices have continued a steady decline in recent weeks, coming down from record-high gas prices this summer, but the Congressional Budget Office says natural gas prices may see an increase from the recently passed Inflation Reduction Act.
According to AAA, the current national average price for a gallon of regular gasoline is $3.78, down from $4.08 a month ago and down significantly from earlier this summer when prices surpassed $5 per gallon. Prices have dropped about a nickel in the past week.
The Democrat-led House passed a climate and healthcare spending bill on Friday without a full Congressional Budget Office score of the legislation’s cost.
As negotiations on their tax and spending bill continue, Senate Democrats are working on a legislative proposal to have the government fix the prices of Medicare prescription medications. Though the details of the 190-page amendment differ in certain respects from earlier versions, the indisputable result would be the same: Reduced patient access to prescription drugs.
Like most giant regulatory schemes, the draft proposal is characteristically complex with numerous provisions, including detailed data collection, new mandates, tax penalties on drug manufacturers, free vaccines, and a cap on out-of-pocket costs. But the heart of the bill is the creation of a Drug Price Negotiation Program administered by the Secretary of the U.S. Department of Health and Human Services (HHS).
The Congressional Budget Office released its economic outlook for the next decade and projected record high debt levels compared to the nation’s Gross Domestic Product.
The CBO projected a decrease in the deficit compared to the major COVID-era spending spree that helped fuel inflation to its current high levels.
President Joe Biden has repeatedly touted that his “Build Back Better” spending bill would not add to the national debt, but the nonpartisan Congressional Budget Office analysis released Friday countered that claim.
Republicans requested the CBO examination before voting on the bill, asking what the cost would be if spending provisions in the bill are continued for 10 years, instead of expiring sooner.
Congressional Democrats passed a $1.75 trillion social spending plan Friday, putting the bill’s fate in the hands of a deeply divided Senate.
The bill funds universal pre-kindergarten, climate change spending, Obamacare subsidies, an extension of the monthly child tax credit payment and more wide ranging spending items. House Republican Leader Kevin McCarthy spoke more than eight hours on the House floor overnight to delay the vote until Friday morning, but afterward it passed 220-213 along party lines with one Democrat opposed.
“We are very excited for what it does for the children, for the families,” House Speaker Nancy Pelosi, D-Calif., said in a press conference after the bill’s passage.
PolitiFact’s 2013 “Lie of the Year” came from former President Barack Obama selling ObamaCare, his massive government takeover of healthcare. “If you like your healthcare plan, you can keep it,” Obama said. That was a lie. Now President Biden and Sen. Bernie Sanders (I-Vt.) want to expand that lie through their $3.5 trillion federal spending blowout pending in Congress.
Obama also said we could keep our doctors under ObamaCare. Obama lied to me and millions of other people. When I left a full-time job in 2013 for contract work, I switched to an ObamaCare exchange plan. And no, I didn’t get to keep my doctor on that new plan. I also saw the cost of my ObamaCare plan increase by double digit rates for 2014.
The Congressional Budget Office estimated Thursday that the bipartisan Senate infrastructure bill will add $256 billion to the deficit over the next decade, undercutting its backers’ claims the spending had been offset.
In FY2020, the deficit hit a record $3.1 trillion. So far in FY2021, the deficit is $2.2 trillion. The national debt is climbing to $29 trillion for the first time in U.S. history.
The federal government is on track to reach the statutory debt limit in the fall, which would trigger a government shutdown, according to a Congressional Budget Office (CBO) estimate.
The U.S. is projected to reach the debt ceiling of $28.5 trillion by October or November, a CBO report released Wednesday stated. If Capitol Hill lawmakers don’t reach an agreement on raising the limit higher, the government could undergo its third shutdown in less than four years.
“If the debt limit remained unchanged, the ability to borrow using those measures would ultimately be exhausted, and the Treasury would probably run out of cash sometime in the first quarter of the next fiscal year (which begins on October 1, 2021), most likely in October or November,” the CBO report said.