The six-week government shutdown that came to an end late Wednesday will be another drag on an economy already facing many challenges, though the full impact will take months to measure.

The Congressional Budget Office confirmed Thursday that it had been hacked.

Shutdowns of the federal government usually don’t leave much economic damage.

The Congressional Budget Office has faced criticism over its analysis of Republicans' big tax breaks and spending cuts bill.

The Congressional Budget Office has released new economic projections, indicating that unemployment, inflation and overall growth will worsen in 2025 before improving over the next year.

President Donald Trump’s plans for mass deportations and other hardline immigration measures with funding passed by Congress will result in roughly 320,000 fewer people in the United States in ten years, according to the nonpartisan Congressional Budget Office.

The federal budget deficits caused by President Donald Trump’s tax and spending law could trigger automatic cuts to Medicare if Congress does not act, according to the nonpartisan Congressional Budget Office.

Virginia Republican Gov. Glenn Youngkin says Virginia’s economy is thriving after ending its fiscal year with high revenues. He says the state netted a $572 million surplus and a $4.7 billion rainy-day fund. It's a characterization Democrats are criticizing as rose-colored in light of budgetary decisions neighboring Washington, D.C. They are particularly concerned about Medicaid after Congress passed a reconciliation bill making federal cuts to the program. Senate Majority Leader Scott Surovell cites an analysis from the Congressional Budget Office this year estimating that roughly 11 million Americans will lose access to Medicaid.

President Donald Trump’s tax and spending law will result in less income for the poorest Americans while sending money to the riches, according to a new report from the nonpartisan Congressional Budget Office.

New estimates from the Congressional Budget Office show 10 million more Americans will be without health care coverage in the next 10 years after the passage of President Trump’s budget reconciliation legislation, known as the One Big Beautiful Bill Act, approved by Congress earlier this month.

President Donald Trump’s tax and spending cut bill will add $3.4 trillion to federal deficits through 2034.

The changes made to President Donald Trump’s big tax bill in the Senate would pile trillions onto the nation’s debt load while resulting in even steeper losses in health care coverage, the nonpartisan Congressional Budget Office said in a new analysis, adding to the challenges for Republicans as they try to muscle the bill to passage.

President Donald Trump’s tax and budget bill would increase deficits by $2.8 trillion over the next decade after factoring in other economic effects.

The Republican tax bill approved by the House would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually.

Speaker Mike Johnson took clear sides Sunday in President Donald Trump’s breakup with mega-billionaire Elon Musk.

Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce, over the next two years as the maker of Tide detergent and Pampers diapers implements a restructuring program amid an environment dealing with trade wars and customers anxious about the economy.

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

A small government office with some 275 employees has found itself caught in the political crossfire as Congress debates President Donald Trump’s “one big beautiful bill.”.

President Donald Trump’s big bill is likely to unleash trillions in tax cuts and slash spending, but also spike deficits by $2.4 trillion over the decade and leave some 10.9 million more people without health insurance.

Tech billionaire Elon Musk has blasted the tax cuts and spending plans backed by President Donald Trump that passed the House.

President Donald Trump faces the challenge of convincing Republican senators, global investors, voters and even Elon Musk that he won’t bury the federal government in debt with his multitrillion-dollar tax breaks package.

Defying opposition from within his ranks, House Speaker Mike Johnson insisted late Wednesday that Republicans would march ahead on their multitrillion-dollar tax breaks package.

House Republicans appear to be backing off some, but not all, of the steep reductions to the Medicaid program as part of their big tax breaks bill.

Weak population gains and increased government spending will result in slower overall economic growth over the next 30 years, the nonpartisan Congressional Budget Office said Thursday.

The United States is on track to hit its statutory debt ceiling — the so-called X-date when the country runs short of money to pay its bills— as early as August without a deal between lawmakers and the White House.

The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump.

The Congressional Budget Office has shrunk its projections for the U.S. population in 30 years to 372 million residents.

Donald Trump seemed poised to inherit a relatively strong economy when he begins a second term in the White House in January.

The Congressional Budget Office says it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February.

The nonpartisan Congressional Budget Office says it expects the federal government will be awash in debt over the next 30 years.

The Congressional Budget Office says it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion.

The U.S. Treasury has announced that the nation’s gross national debt has surpassed $34 trillion.

The Congressional Budget Office says it expects inflation to nearly hit the Federal Reserve’s 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.

Even President Joe Biden has some regrets about the name of the Inflation Reduction Act.

The Congressional Budget Office reports that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024.

The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers.

Even with new spending restraints included in the congressional debt limit deal, the U.S. government’s deficits are still on course to keep climbing to record levels over the next few decades.

Proposals to raise the nation's debt limit include spending cuts to coronavirus relief funds that haven't been used.

The Congressional Budget Office says this year’s projected federal budget deficit has jumped by $130 billion.

That big infusion of cash that Congress approved last year to shape up the beleaguered IRS is having an unexpected side benefit.

Treasury Secretary Janet Yellen has notified Congress that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend the nation’s borrowing authority before then and avert what could potentially become a global financial crisis.

House Republicans are pushing their top priorities in a bill to raise the debt limit.

House Republicans are pushing their debt ceiling package toward a vote.

It seems no one wants to cut Social Security or Medicare benefits.

The Congressional Budget Office says it expects the U.S. economy to stagnate this year.

President Joe Biden and Treasury Secretary Janet Yellen are warning of a potential economic crisis if Congress and the White House fail to raise the federal debt ceiling.

The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday.

The Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 billion over the next 30 years.

President Joe Biden arrived at the White House promising to “build back” America, and on Tuesday he's signing into law legislation with a slimmer version of that idea.

In a story published July 30, 2022, The Associated Press reported that the Congressional Budget Office estimated that an insulin bill would increase the price of the drug.

The Congressional Budget Office says that high inflation will persist into next year.

The House has passed legislation that would devote more federal resources to preventing domestic terrorism in response to the racist mass shooting in Buffalo, New York.

The House has passed legislation that would dramatically boost health care services and disability benefits for veterans exposed to toxic burn pits in Iraq and Afghanistan.

The U.S. budget deficit totaled $356.4 billion in the first two months of the budget year.

The U.S. Attorney’s Office in Arizona says a man from Bullhead, Arizona, has been convicted of threatening to kill or harm Nancy Pelosi, speaker of the U.S. House of Representatives.

Democrats’ $1.85 trillion package of social and climate initiatives seems afflicted by a maddening parade of hurdles.

The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion in 2020.

The Democrats’ social spending and climate change bill would put the United States back on a path to reducing its persistent pool of uninsured people.

The Treasury Department says the U.S. budget deficit rose to $2.71 trillion through August.

The U.S. budget deficit hit $2.54 trillion for the first 10 months of this budget year, fed by spending to support the country after the pandemic-induced recession.

Senators are struggling to wrap up work on the bipartisan infrastructure plan.

The signs and banners are dotted along suburban commercial strips and hanging in shop windows and restaurants, evidence of a new desperation among America’s service-industry employers: “Now Hiring, $15 an hour.”.

Senators negotiating two colossal bills that would deliver more than $4 trillion for infrastructure, health care, environment and other initiatives keep insisting both bills will be fully paid for.

The Congressional Budget Office says the federal budget deficit will again hit $3 trillion this year.

That is down dramatically from 14.8% last April, just after the virus erupted in the United States. Ad“The recovery really has some legs, some momentum now,” said Odeta Kushi, deputy chief economist at First American Financial Corp. AdAlso hiring last month were retailers, which added 41,000 jobs, health care companies, with 46,000, and manufacturers, with 21,000. But state and local governments have slashed 1.4 million jobs since the pandemic erupted, including 86,000 last month, and most have instituted hiring freezes. The Congressional Budget Office projects the nation will add a substantial 6.2 million jobs this year.

The U.S. government's budget deficit hit $735.7 billion through the first four months of the budget year, an all-time high for the period, as a pandemic-induced recession cut into tax revenues while spending on COVID relief measures sent outlays soaring. The Treasury Department reported Wednesday, Feb. 10, 2021, that the deficit so far for the budget year that began Oct. 1 is 89% higher than the $389.2 billion deficit run up in the same period a year ago. Still, the deficit could soon be revised upward if President Joe Biden's $1.9 trillion coronavirus relief package becomes law. The CBO expects the budget deficit to fall to about $1 trillion in 2022 as the economy heals and there is less need for government spending. AdSeveral decades of deficit spending has meant that the total federal debt held by the public is slightly larger than GDP.

Less than three weeks into his presidency, Biden has declared that vanquishing the virus and resuscitating the economy are his top priorities. AdHouse Education and Labor Committee Democrats also previewed their plans Monday. Couples who make up to $150,000 would be entitled to $2,800 relief payments, which would gradually diminish and fully disappear for those earning $200,000. Biden has said he will not allow the per-person payments to fall below $1,400 but has indicated flexibility on the income thresholds. A federal law known as COBRA already allows them to temporarily keep their old employer’s health plan, but they typically have to pay prohibitively high premiums.

Based on the CBO's projections, economic growth would be the strongest since 1999. CBO projected an average of 521,000 jobs will be added monthly this year, a pace that would fall to 145,000 in 2022. Biden's supporters can point to the CBO's projection of a three-year recovery in hiring as a need for more aid. A faster vaccination process — the goal of both aid proposals — would help hiring and growth. A separate measure of economic growth in the CBO report that compares the fourth-quarters says growth would be 3.7% this year, a partial reflection of some of the gains that have already occurred in the middle of last year.

WASHINGTON – New, eye-popping federal budget figures released Thursday show an enormous $3.1 trillion deficit in the just-completed fiscal year, a record swelled by coronavirus relief spending that pushed the tally of red ink to three times that of last year. By that score, the flood of red ink in 2020 still blew past Obama's 2009 record, in which the deficit almost hit 10% of GDP. The CBO estimate is preliminary, based on daily Treasury reports, but is likely to match the official numbers due from Treasury and the White House budget office later this month. The figures come as Washington has been debating another round of COVID-19 relief, spending that Federal Reserve Board Chairman Jay Powell says is needed to ease the chances of a double-dip recession and a higher jobless rate. The COVID-related spike in the deficit obscures a smaller, steady rise in the deficit under President Donald Trump's watch.

WASHINGTON – The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday. The deficit from October through August is more than double the previous 11-month record of $1.37 billion set in 2009. The Congressional Budget Office is forecasting the deficit this year will hit a record $3.3 trillion. The previous record deficit for a fiscal year was $1.4 trillion in 2009 in the aftermath of the financial crisis. Spending totaled $6.05 trillion, up from $4.16 trillion for the same period last year.

WASHINGTON The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said. Deficit scolds have long warned that rising levels of debt will serve as a drag on the economy in the coming years. The Federal Reserve has stepped in to keep credit markets stable and interest rates low for years as debt levels have risen. The CBO projected that the debt would exceed 100% of GDP in 2021 and set a new record high of 107% in 2021. CBO, the nonpartisan economic and research arm of Congress, predicts that deficit will total $13 trillion over the coming decade.

WASHINGTON – The massive coronavirus relief bill passed virtually unanimously by Congress last month is estimated at costing taxpayers $1.8 trillion — slightly less than the $2.2 trillion informally projected at the time by the White House. The CBO report comes as Washington is manuevering over replenishing a popular “paycheck protection” program with another $250 billion. Most of the federal deficit impacts of the $1.8 trillion coronavirus relief act would come in the 2020 budget year ending Sept. 30, with the legislation projected to add $1.6 trillion to that year's deficit tally. The recently-passed measure contains $377 billion for the paycheck subsidy program, $293 billion for $1,200 direct payments to most Americans, $150 billion for state and local governments, and $268 billion for more generous unemployment benefits, among other costs. The CARES legislation is by far the largest of three coronavirus relief bills passed this year.

(CNN) - The US budget deficit reached nearly $1 trillion for the entire 2019 fiscal year, according to data released by the Treasury Department on Friday. The nation's dimming fiscal picture runs counter to campaign pledges by President Donald Trump not only to shrink the budget deficit but also to eliminate the country's debt, which now stands at $23 trillion. Interest on debt is the fastest growing category of the federal budget. In September, the government reported that the federal deficit briefly swelled to more than $1 trillion ahead of quarterly tax payment deadlines. The Congressional Budget Office had estimated the 2019 deficit would be $960 billion and has predicted it would swell to $1 trillion in 2020.

FreeImages.com/Darren Shaw(CNN) - The US budget deficit widened to $1.067 trillion for the first 11 months of the fiscal year, an increase of 19% over this time last year, the Treasury Department reported Thursday. The White House's Office of Management and Budget has predicted that the deficit will exceed $1 trillion for the entire fiscal year, which ends on September 30. On Monday, the nonpartisan Congressional Budget Office said the federal deficit had surpassed $1 trillion in the first 11 months of fiscal 2019, according to its budget review. A number of factors are driving the US deficit increase, including the $1.5 trillion tax cuts signed into law by Trump in 2017 along with a massive spending package passed by Congress. The deficit is expected to swell to $960 billion in fiscal 2019, according to the CBO's latest report, and average $1.2 trillion in each of the next 10 years.