CollectionsCongressional Budget Office
IN THE NEWS

Congressional Budget Office

FEATURED ARTICLES
NEWS
August 28, 2002 | By Ken Moritsugu INQUIRER WASHINGTON BUREAU
The federal budget appears headed back into deficits at least through 2005, a sharp reversal after four years of surpluses. The nonpartisan Congressional Budget Office said yesterday that the government would be $157 billion in the red in fiscal 2002, compared with a $127 billion surplus last year, and that the deficit would hit $145 billion next year. Fiscal 2002 runs through Sept. 30. The projections paint a more pessimistic picture than similar White House projections from last month.
NEWS
February 14, 1997 | By Steven Thomma and David Hess, INQUIRER WASHINGTON BUREAU
President Clinton's proposed plan to balance the budget would leave a deficit of at least $49 billion in 2002, rather than a $17 billion surplus as promised, the director of the nonpartisan Congressional Budget Office said yesterday. Republicans seized on the preliminary estimate as proof that reaching an agreement to balance the budget won't be easy, despite an atmosphere of bipartisan cooperation. Clinton has avoided talk of sacrifice or pain, preferring to focus on his proposals to cut taxes for the middle class.
NEWS
February 9, 1986 | From Inquirer Wire Services
Rep. William H. Gray 3d, chairman of the House Budget Committee, has asked President Reagan to resubmit his budget, saying it would produce a deficit $14.7 billion larger than White House estimates. Gray, a Philadelphia Democrat, told the President in a letter Friday that the Pentagon estimates in the fiscal 1987 budget submitted last week were "unrealistic" and thus did not meet the $144 billion deficit target in the new balanced-budget law. A key part of that law was held unconstitutional Friday by a federal appeals court, but the deficit targets are expected to remain standing as political if not legal goals.
NEWS
September 28, 1990 | By David Hess, Inquirer Washington Bureau
A faltering economy could largely undercut the results of any budget agreement that would trim $50 billion from the federal budget deficit next year, largely because of a drop in tax receipts and higher spending for jobless benefits and welfare payments. Budget analysts say those dual blows could add up to $35 billion to the federal deficit next year, elevating it to $267 billion from the latest official estimate in July of $232 billion. "The rule of thumb is that for every 1 percent drop in the size of the gross national product, there is a corresponding increase of from $25 billion to $30 billion in the size of the deficit due to lower revenues and higher expenses," said James L. Blum, chief budget analyst for the Congressional Budget Office.
NEWS
December 24, 1986
There goes The Inquirer again! ("Selling Amtrak is fiscal fantasy," Dec. 16). In attacking an administration plan to tinker with an important federal asset in the Delaware Valley, The Inquirer reveals its secret plan to balance the budget: "A serious assault on deficits must aim at where the big money is spent - on defense, social entitlements and debt service, all of which escalate virtually unchallenged in Mr. Reagan's budgets. " Does the right hand know what the left hand is doing in the editorial department?
NEWS
July 27, 2011
During a meeting with congressional leaders, President Obama told House Majority Leader Eric Cantor not to call his bluff or he will take it to the American people. Monday night, Obama made good on that statement, and once again showed how out of touch he is. The president said that before now most people had never heard of the debt ceiling, as if Americans have not paid attention to the spending and the extraordinary deficits and debt that have been racked up. On the contrary, the American people are engaged.
NEWS
March 19, 1997
Newt Gingrich has just floated an idea so sensible, so practical, so reasonable, that for a moment, he sounded like Vintage Bob Dole. Let's set aside the tax cuts for the moment, suggested the speaker, and agree first on the spending cuts that would balance the federal budget. He's exactly right. With annual deficits still above $100 billion, the priority is to balance the budget. Mr. Gingrich called this a "moral imperative" because deficits saddle future generations with the burden of a society living beyond its means.
NEWS
October 10, 2000
Today, Congress renews a shopping spree for 2001 that will end up spending billions more than President Clinton had requested. With the election just four weeks away, Republican leaders have been pouring money into popular areas such as education, transportation and agriculture. The biggest remaining battles over the fiscal year that began Oct. 1 aren't so much over total funding, but over Republican opposition to family-planning aid, Democratic insistence on a minimum wage hike and other contentious issues.
NEWS
April 3, 1990 | By Mark Thompson, Inquirer Washington Bureau
The Air Force said yesterday that the price of its B-2 stealth bomber program had risen during the last year from $70.2 billion to $75.6 billion, boosting the cost of each plane from $532 million to $573 million. Capt. Ginger Jabour, a spokeswoman for the service's Aeronautical Systems Division in Dayton, Ohio, which is developing the aircraft, said the 7 percent increase was primarily a reflection of new estimates of inflation rates. "Ever since I've been old enough to buy things, prices have kept going up," she said.
NEWS
March 19, 2011 | Associated Press
WASHINGTON - A new assessment of President Obama's budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the next decade. The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years - an average of almost $1 trillion a year. Obama's budget saw deficits totaling $7.2 trillion over the same period.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
NEWS
February 11, 2014 | By E. J. Dionne, For The Inquirer
One of the best arguments for health-insurance reform is that our traditional employer-based system often locked people into jobs they wanted to leave but couldn't because they feared they wouldn't be able to get affordable coverage elsewhere. This worry was pronounced for people with preexisting conditions, but not limited to them. Consider families with young children in which one of the parents would like to get out of the formal labor market for a while to take care of the kids. In the old system, the choices of such couples were constrained if only one of the two received employer-provided family coverage.
NEWS
May 20, 2013
THINK BACK - back before we knew that the IRS was unacceptably targeting right-wing groups for scrutiny or that the Department of Justice was unbelievably searching the phone records of journalists. Think all the way back to February, when all anyone in Washington was talking about was the country's fiscal problems, and how we needed to do something to fix them, right now , even if it meant clasping hands and going over the so-called "fiscal cliff" into the suicide pact of sequestration.
NEWS
May 1, 2013
WE KEEP waiting for our National Voices of Reason - a/k/a Andy Borowitz and/or the Onion - to weigh in on the sequester waiver that Congress gave last week to the neediest among us: impatient airline passengers. The sequester - a major austerity program enacted by Congress to reduce the deficit and, in the process, ruin the fragile recovering economy by imposing severe across-the-board cuts to spending - went into effect March 1. Days after furloughs for air-traffic controllers were imposed as part of the sequester, Congress moved quickly to give the Federal Aviation Administration more flexibility to keep passengers from the inconvenience of waiting in line for flights.
NEWS
June 6, 2012 | By Kevin G. Hall, McClatchy Newspapers
WASHINGTON - The amount of federal debt held by the public is projected later this year to surpass 70 percent of the nation's annual economic output, the nonpartisan Congressional Budget Office said Tuesday in a report that spotlighted the stark choices policymakers face on taxation and spending. Coming out of the so-called Great Recession, the United States has recorded the largest budget deficits - in dollar terms and as a percent of the economy - since World War II, the CBO said.
NEWS
February 24, 2012 | By Andrew Taylor, Associated Press
WASHINGTON - Massive tax cuts proposed by GOP presidential candidates Newt Gingrich and Rick Santorum would cause the national debt to explode, while Mitt Romney's budget plan could generate red ink in line with current projections, according to a study released Thursday. The nonpartisan Committee for a Responsible Federal Budget, a watchdog group, estimates the wrenching budget cuts proposed by Ron Paul would lessen the flow of red ink compared with current policies, but still leave the government running a sizable deficit.
NEWS
August 25, 2011 | By Stephen Ohlemacher, Associated Press
WASHINGTON - After months of unrelieved gloom and discord, Congress and President Obama are starting to make a dent in the federal budget deficit. It's projected to shrink slightly to $1.28 trillion this year, and bigger savings from this month's debt-ceiling deal are forecast over the next decade. No one's celebrating. There will be plenty of red ink for years to come. The nonpartisan Congressional Budget Office projected Wednesday that annual deficits would be reduced by a total of $3.3 trillion over the next decade, largely because of the deficit-reduction package passed by Congress this month.
NEWS
July 27, 2011
During a meeting with congressional leaders, President Obama told House Majority Leader Eric Cantor not to call his bluff or he will take it to the American people. Monday night, Obama made good on that statement, and once again showed how out of touch he is. The president said that before now most people had never heard of the debt ceiling, as if Americans have not paid attention to the spending and the extraordinary deficits and debt that have been racked up. On the contrary, the American people are engaged.
NEWS
April 7, 2011 | By Ricardo Alonso-Zaldivar and Alan Fram, Associated Press
WASHINGTON - The Republican-led House Budget Committee on Wednesday night approved a $3.5 trillion federal budget for 2012 that its GOP authors are calling a sobering correction for the nation's spending binge. Debate over the measure has underscored a hardening of partisan divisions. Democrats say the blueprint's savings from Medicaid and Medicare represent an assault on health programs for retirees and the poor. The party-line, 22-16 tally sends the measure to the full House, where GOP leaders hope for a vote in the coming days.
NEWS
March 27, 2011 | By Kevin Ferris, Inquirer Columnist
It's not ideal, but funding the federal government two or three weeks at a time is cutting spending by about $2 billion a week. In a little more than a month, the budget will have been trimmed as much as President Obama offered to cut for the year. Stay this course, and there could be savings of about $62 billion, right around the amount House Republicans wanted in HR1, their budget to see the government through the current fiscal year. That's real money, though, as one GOP staffer rightly points out, it's still like cutting four bucks from a $1,000 deficit.
NEWS
March 19, 2011 | Associated Press
WASHINGTON - A new assessment of President Obama's budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the next decade. The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years - an average of almost $1 trillion a year. Obama's budget saw deficits totaling $7.2 trillion over the same period.
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|