Latest Committee for a Responsible Federal Budget Stories
The Congressional Budget Office said Friday the U.S. budget deficit could double as a percentage of the gross domestic product between 2023 and 2040. Continuing with tax cuts granted by the Bush administration, lowering the minimum alternative tax and ignoring a scheduled reduction in the Medicare program would push the gap to 100 percent of the GDP by 2023 and to 200 percent sometime before 2040, the CBO said. Under current law, the federal budget is on an unsustainable path, the report...
Unprecedented deficit spending being used to battle the U.S. financial downturn could be planting the seeds of the next crisis, critics say. Record amounts of deficit spending will be necessary to pay for initiatives to lower mortgage rates, stimulate consumer loans and steady banking conglomerate Citigroup. Including loan guarantees and other potential commitments, the potential long-term cost of the government's varied economic rescue initiatives could reach $8.5 trillion, the Los Angeles...
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