The Fed has said it will hold interest rates near zero through 2023. The low rates ensure today's debt levels pose little threat, Powell said.
The CBO's report doesn't account for Democrats' $1.9 trillion stimulus, and could give Republicans more firepower in their fight against the bill.
The proposal from Sens. Tom Cotton and Mitt Romney comes as Biden reportedly doubts whether $15 can pass and a moderate Democrat suggests $11.
The CBO finds Bernie Sanders' minimum wage bill impacts more budget functions than previous reconciliation bills, meaning it may dodge the Byrd Rule.
Annie Fadely is the senior policy and programs associate at Civic Ventures and a producer of the “Pitchfork Economics” podcast. She says the Congressional Budget Office’s report that a $US15 minimum wage will kill jobs should be more nuanced. Fadely cites research indicating that any decrease in employment would be […]
The Congressional Budget Office expects federal debt to reach 102% of US GDP in 2021. The estimate doesn’t account for the $US1.9 trillion stimulus plan Democrats are set to pass. The CBO sees the debt pile then shrinking for a few years before rising into the next decade. Visit the […]
The Congressional Budget Office projects that raising the minimum wage to $US15 an hour will increase the budget deficit by $US54 billion. 900,000 fewer people would live below the poverty line with the wage increase, while employment would be reduced by 1.4 million workers. Under the Raise the Wage Act, […]
The Congressional Budget Office forecasted that the unemployment rate will not fall below the 3.5% it once was in February 2020 for the rest of the decade. It also forecasted quicker economic growth this year, a sign the economy may be on better footing than many analysts expected. Economists are […]
The Congressional Budget Office’s latest budget outlook sees federal debt becoming nearly twice the size of the US economy in 2050. Spending on economic relief throughout the coronavirus pandemic drove government debt to its highest since World War II. Higher borrowing costs and rising interest rates will drive debt to […]
Summary List Placement The amount of debt held by the US government will soon nearly equal the size of the entire economy, the nonpartisan Congressional Budget Office projected on Wednesday. It’s set to be the highest level since the end of World War II after the government ramps up its […]
The CBO said in a letter to House Democrats that extending a federal lifeline to states would likely provide a bigger economic boost than tax cuts. “Other provisions, such as business tax provisions and refundable tax credits, are expected to have smaller effects,” the agency said. Trump has publicly opposed […]
The Congressional Budget Office on Monday lowered its projection for 2020-2030 US economic output, signalling it may take the US economy nearly a decade to recover from the coronavirus pandemic. The CBO now projects that over the 2020-2030 period, cumulative nominal output will be $US15.7 trillion less than it previously […]
A new CBO report said the economy would shrink by 7% in GDP and that unemployment would surge to 10% in the second quarter, a level unseen since the Great Recession. Lingering effects of the crisis could stretch into the end of 2021, as unemployment could still be as high […]
The Congressional Budget Office released a report last Friday saying that House Speaker Nancy Pelosi’s bill to lower prescription drug costs would lead to massive savings for the federal government, though it could also stymie the development of new drugs if it becomes law. The partial analysis from the agency […]
An overwhelming majority of respondents in a new INSIDER poll indicated they would support a $US15 minimum wage, highlighting how a progressive priority has gained support across the ideological spectrum. But support declined markedly among self-identified Democrats and self-identified Republicans when they were told of a possible impact on the […]
Raising the federal minimum wage to $US15 an hour by 2025 would shed 1.3 million jobs from the economy but also reduce the number of Americans living in poverty by the same amount, according to a report the nonpartisan Congressional Budget Office released on Monday. The federal minimum wage was […]
Treasury Secretary Steven Mnuchin once again claimed that the GOP tax law would pay for itself. Almost every independent analysis of the tax law projects that the law will increase the deficit. Government agencies like the Congressional Budget Office and the White House’s Office of Management of Budget have shown […]