deficits
In this week's The Reason Roundtable, editors Matt Welch, Katherine Mangu-Ward, Nick Gillespie, and Peter Suderman lament the latest dire forecast from the Congressional Budget Office (CBO) last week forecasting a $2 trillion budget deficit in 2024. 02:31—$2 trillion federal budget deficit 21:17— Joe Biden vs. Donald Trump on immigration 37:02—Weekly Listener Question 46:23—Revisiting Anthony Fauci and COVID-19 origins 55:18—This week's cultural recommendations Mentioned in this podcast: "Federal Budget Deficit Forecast Jumps $400 Billion, Fueled by Student Debt Forgiveness," by Emma Camp "The...
Reason
In 2024, the federal budget deficit is estimated to reach nearly $2 trillion, according to new projections released by the Congressional Budget Office (CBO) this week. In February, the agency predicted that the deficit would only be $1.58 trillion. However, spending increases have caused the projected deficit to increase by $400 billion, a staggering 27 percent hike. According to the CBO, 80 percent of the spike in the deficit can be blamed on four sources of government spending. The largest source, responsible for $145 billion of the increase, is changes to the federal student loan program th...
Reason
Many Americans are unhappy about years of higher-than-normal inflation that have sapped buying power and reduced standards of living. Now, the Congressional Budget Office (CBO) demonstrates that a difficult culprit will make you feel poorer over the next few decades: The nearly $35 trillion (and growing) national debt. At its current trajectory, the rising national debt—and the increasing burden of making interest payments on it—will reduce Americans' future income growth by 12 percent over the next 30 years, the CBO projects in a new report. That means the average person will earn about $5,00...
Reason
If you made a list of all the reasons why federal borrowing has spiraled out of control in recent years, the utter failure of Congress to pass a true budget would certainly rank near, or at, the very top. Regular Reason readers know this fact well: Since 1996, Congress has never—yes, not even once—passed a budget on time and in full. It's probably not a coincidence that the late '90s were also the last time the federal budget was anywhere close to balancing. In place of a complete budget, Congress has for decades relied upon continuing resolutions and omnibus bills. Usually, those become "must...
Reason
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