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The Congressional Budget Office (CBO) estimated on Friday that the federal budget deficit reached $383 billion in the past two months. The nonpartisan budget scorekeeper estimated that the government racked up a deficit of $317 billion in November, which is $68 billion higher than the deficit recorded during the same period last year and $250…
President Biden and congressional leaders made little progress toward securing a deal to raise the nation’s debt limit at a crucial meeting Tuesday afternoon — though they did express some optimism about future talks between staff from the White House and Speaker Kevin McCarthy (R-Calif.). The talks hit a roadblock before the principals arrived at…
CBO warns of sharp uptick in Social Security, Medicare spending Federal spending on Social Security and Medicare is projected to rise dramatically over the next decade, far outpacing revenues and the economy on the whole while putting new pressure on Congress to address accelerated threats of insolvency, according to new estimates from the Congressional Budget…