Danger ahead: CBO says debt will consume 166% of GDP in 30 years
The CBO released a report showing that the national debt will rise to unprecedented levels over the next three decades despite recent deficit reduction efforts.
Soaring deficits to push publicly held debt to record level in 4 years
The national debt is projected to eclipse a record set in 1946 in four years after surpassing the size of the U.S. economy according to the CBO's latest projection.
CBO report says US deficit to skyrocket in next decade
The Congressional Budget Office released its budget and economic outlook for the next 10 years and projects deficits rising from $1.6 trillion this year to over $2.6 trillion in 2034.
Federal deficit blew up $89B more in 1st quarter 2024 than last year
The federal budget deficit widened by $89 billion in the first three months of FY24 compared to the same period last year, with rising interest costs outpacing higher tax revenue.
Large deficits, high interest rates making federal debt less sustainable
Federal budget deficits and high interest rates are causing the cost of servicing America's $33 trillion national debt to soar, raising concern about the debt's sustainability.
Congress considers bipartisan fiscal commission to address national debt, deficits
Lawmakers considered proposals in the House Budget Committee last week that would establish a bipartisan fiscal commission to suggest policies that would rein in the deficit and debt.
US federal budget deficit projected to double this year
The U.S. federal budget deficit is expected to nearly double this year, growing to $2 trillion as a result of higher interest rates and lower tax revenue.
US debt downgrade could mean trouble ahead. We should heed the warnings
Fitch’s downgrade doesn’t mean were about to default. It does mean we look like a country that can’t be depended on. Will we lose our status as a reserve currency?
Federal government wastes enough money to buy half a million houses every month: Report
A report from spending watchdog Open the Books shows that the government wasted an average of $683 million per day last year.
Biden tells firefighters union they shouldn’t pay higher taxes than billionaires, renews call to tax rich
President Biden vowed to make both billionaires and corporation "pay their fair share" while speaking at a conference for members of a firefighters union on Monday.
Federal deficit up $200 billion compared to last year despite Biden's reduction claims
The CBO's latest budget update showed the federal deficit was up $200 billion year-over-year as of January, despite President Biden's claims about his deficit reduction efforts.
Biden's fantasy economy: Americans see through SOTU spin on jobs, inflation, deficits
President Biden tried to take credit for what he claims is an improving economy durin ghis State of the Union speech Tuesday night. Americans aren't falling for it.
Major Social Security trust funds could be tapped out by 2033: CBO
The non-partisan Congressional Budget Office found that Social Security's main trust funds could be exhausted by 2033, which could result in reduced payments to beneficiaries.
Nikki Haley slams Biden for calling Republicans 'fiscally demented': 'Try again, Mr. President'
Former United Nations ambassador Nikki Haley blasted President Biden's recent comments where he called Republican's "fiscally demented."
California facing $24B budget shortfall amid economic uncertainty
California is facing a $24 billion budget shortfall for 2023-24 as ongoing concerns about inflation and a potential recession create economic uncertainty.
The $1.7 trillion, 4,155-page Biden spending deal put on blast: ‘Monstrosity,’ ‘Absolute stinker'
Congress woke up Tuesday morning with the daunting task of passing a $1.7T spending bill before the end of the week, with little time to read its 4,155 pages.
Biden on pace for $1 trillion budget deficit in 2023: $2.7 billion in new debt per day
The federal government borrowed $83 billion in October, putting it on a pace for another $1 trillion budget deficit this year despite lower costs related to the COVID pandemic.
Larry Kudlow: Biden's $3 trillion fantasy about GOP intentions is a flat out lie
FOX Business host Larry Kudlow calls out President Biden for his statement on $1.4 trillion deficit drop being the largest one-year decline in history on 'Kudlow.'
US government debt revealed, inflation hotspots and more: Wednesday's 5 things to know
U.S. national debt is closing in on $31 trillion after Congress spent at an amazing clip and borrowed before the pandemic. Stocks suffered the worst day in two years as inflation rises.
US national debt nears $31 trillion and counting
The Biden administration has claimed progress reducing the annual budget deficit, but total U.S. debt continues to climb to record highs.