WASHINGTON, Aug. 17 /U.S. Newswire/ -- House Democratic Leader Nancy Pelosi released the following statement today on the latest deficit numbers released by the Congressional Budget Office (CBO) today: Today's deficit numbers from the Congressional Budget Office are just the latest evidence of the Republican failure to control spending and burden our future generations with mountains of debt.
WASHINGTON - Seniors and people with disabilities would pay much more for Medicare under a new plan by Republicans in the House of Representatives that's aimed at curbing the nation's growing budget deficit, a Congressional Budget Office analysis shows. For example, by 2030, typical 65-year-olds would be required to pay 68 percent of the cost of their coverage, which includes premiums, deductibles and other out-of-pocket costs, according to the CBO. They'd pay 25 percent under current law, the CBO said.
WASHINGTON - The federal budget deficit reached $1.23 trillion in August. The third straight $1 trillion-plus deficit adds pressure on Congress and the White House to reach agreement on a long-term plan to trim government spending. The Treasury Department said the deficit grew by $134.2 billion last month. At that rate, the nonpartisan Congressional Budget Office projects the deficit will total $1.28 trillion when the budget year ends in September. That would nearly match last year's $1.29 trillion imbalance and come in below the record $1.41 trillion hit in fiscal 2009.
Congress' chief scorekeeper effectively shortened the window for the new deficit supercommittee to reach a deal, saying Tuesday that if lawmakers are going to meet their Thanksgiving deadline, his office will need to see an agreement at the beginning of November. Kicking off the first hearing before the Joint Select Committee on Deficit Reduction, Congressional Budget Office Director Douglas W. Elmendorf also boosted President Obama's call for tax cuts and spending now coupled with a promise for fiscal restraint, saying that sort of plan can be consistent with deficit reduction and a stronger economy.
[br][br][br][br][br][br] this year's annual deficit is on pace to end as the biggest in U.S. history. In January, the Congressional Budget Office raised its estimate for the annual deficit to $1.5 trillion from $1.1 trillion. The 2011 budget year ends Sept. 30. The White House projects that the deficit will decline in fiscal year 2012 to $1.1 trillion. Despite the massive annual shortfalls, neither the Republicans nor the Democrats nor the public can reach a consensus on a solution. Until one is found, the national debt ticks higher with each passing day.
Deficit Obama proposes reducing the deficit by $4 trillion over 12 years, with $2 trillion coming from spending reductions and $1 trillion from additional revenue. The White House says another $1 trillion in savings will come from reduced interest payments on the national debt. Without changes to current law, budget deficits will total $7 trillion over the next decade, the Congressional Budget Office projects. The deficit is the difference between the government's outlays and its income in a fiscal year.
If you've wondered why it's so hard to subdue budget deficits, you should consult a new study from the Congressional Budget Office called "Reducing the Deficit: Spending and Revenue Options" (free at www.cbo.gov). You'll learn from its 240 pages that the deficits definitely can be curbed. The CBO presents 105 policies (it doesn't endorse them) that would shrink deficits by trillions of dollars over the next decade. You'll also learn -- surprise! -- that most choices are political poison. Suppose we increased the federal gasoline tax by 25 cents a gallon, from 18.4 cents to 43.4 cents. That would raise $291 billion from 2012 to 2021, estimates the CBO. Or we could advance the ages for early and full Social Security benefits; one suggestion is to raise them (now 62 and 66) by tw...
Graduate students will pay more for loans taken out next July, and recent graduates will lose rebates for on-time repayment under a law Congress passed this summer to keep the federal deficit in check while protecting Pell Grants for low-income students. The Congressional Budget Office estimates that the changes will save the government $21.6 billion - meaning students would pay that much more or borrow less -- over the next 10 years.
WASHINGTON - If you've wondered why it's so hard to subdue budget deficits, you should consult a new study from the Congressional Budget Office called "Reducing the Deficit: Spending and Revenue Options" (free at www.cbo.gov). You'll learn from its 240 pages that the deficits definitely can be curbed.
Congressional Budget Office Director Douglas Elmendorf was speaking to the deficit-reduction "supercommittee," but he might have been speaking to us all. The United States cannot afford to continue on the current path of providing government services and a social safety net for the elderly while keeping taxes low. Something, Elmendorf testified, will have to give.
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