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. Read More
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. Read More
Both Ohio U.S. senators praised the passage of President Joe Biden’s $1.2 trillion infrastructure bill that secured more than $100 billion for roads, bridges, airports and other projects around state.
The bipartisan infrastructure bill passed the U.S. House late Friday night, and one of the major projects on deck could be a new Brent Spence Bridge connecting Cincinnati to its northern Kentucky suburbs. Kentucky Gov. Andy Beshear said the bill’s passage could allow for a new bridge to be built without the need for tolls. Read More
Florida State Sen. Jeff Brandes (R-FL-52) filed a ballot proposal to establish a “minimum working wage” for employees. The wage would be for new hires so that employers may ay their inexperienced workers at a lower rate before being legally required to pay the constitutionally mandated increased minimum wage.
The resolution, SJR 382, first has to pass through the Florida Legislature to be placed on the general election ballot in 2022. Then, Florida voters will have to approve the measure with at least 60 percent of the vote. Read More
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. Read More
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. Read More
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. Read More
Federal deficits are projected to skyrocket over the next decade, resulting in a national debt that could be 107% of U.S. GDP, according to a recent Congressional Budget Office report.
The United States’ debt reached 100% of GDP during the past fiscal year largely due to the federal response to the coronavirus pandemic and the $2.2 trillion CARES Act passed in March 2020. While the CBO’s February report projects unprecedented deficits, they are smaller than the office’s projections from last summer due to the country’s promising economic outlook. Read More
The U.S. budget deficit will be larger than expected because of the $900 billion stimulus bill passed in December, a whopping $448 billion larger than was projected in September, the Congressional Budget Office said Thursday.
According to Breitbart, the CBO forecasts that the federal government will borrow $2.26 trillion this year making it the second-largest deficit since World War II. Last year’s $3.1 trillion was the biggest in absolute numbers and also the largest as a share of gross domestic product. Read More
A $15 minimum wage would result in 1.4 million jobs lost and disproportionately hurt younger workers and those with less education, a new Congressional Budget Office report says.
President Joe Biden, U.S. Sen. Bernie Sanders and other Democrats have proposed raising the federal minimum wage to $15 an hour by 2025, more than double the current federal minimum of $7.25 an hour. Read More
The federal budget deficit grew a whopping 400% in one year as the pandemic caused spending to skyrocket, the Congressional Budget Office said in a report Tuesday.
The estimated January federal budget deficit was $165 billion, $132 billion more than the deficit in January 2020, according to a Congressional Budget Office (CBO) report released Tuesday. The federal budget in the first four months of fiscal year 2021, which started in October, was $738 billion, an 89% jump compared to the same period last year. Read More
by Jarrett Stepman Democrats defeated Republicans in the Obamacare repeal fight by warning that 22 million Americans would be thrown off their health insurance. They pointed to data leaked from the Congressional Budget Office. Well, it turns out that data was completely wrong. According to a report by the… Read More
by Andrew Berryhill Government agencies and researchers produce endless reams of statistics. While statistics can be valuable, they can be easily misrepresented. A 2017 study on the use of statistics in news characterized the problem as such: “The constant supply of data produced by think tanks, government agencies, independent researchers, academics and… Read More
Granting legal status to young illegal immigrants under the DREAM Act would add $25.9 billion to the deficit over the next 10 years, the Congressional Budget Office (CBO) reported on Friday. The extra burden on taxpayers mainly is due to increased health insurance costs and spending associated with programs that… Read More
The Congressional Budget Office (CBO), supposedly a nonpartisan government agency that analyzes budget proposals and the economy, has been an aggressive critic of President Donald Trump’s agenda. On Thursday, the CBO released a report warning a move being weighed by the Trump administration would speed up the implosion of the… Read More
Within an hour of the ‘non-partisan’ Congressional Budget Office’s report showing, among other things, that over 22 million Americans would lose their insurance coverage over the next decade, President Trump issued the following statement: The CBO has consistently proven it cannot accurately predict how healthcare legislation will impact insurance… Read More