News
USA Today | Obama won't come close on pledge to halve deficit, CBO says
The president said in February 2009 that the $1.3 trillion deficit he inherited would be cut in half under his budget blueprint, but according to the CBO, the deficit in 2012 will continue to hover around $1 trillion, and fall to just under $1 trillion next year if current tax laws are extended, as expected.
Politico | Congressional Budget Office reports another $1 trillion deficit
For the fourth year in a row, Washington faces a $1 trillion-plus deficit and just servicing the nation’s debt will soon cost as much as paying for Medicaid, the federal-state health care program for the poor and disabled.
Market Watch | CBO sees falling deficits in 2012, 2013
The U.S. budget deficit will shrink in fiscal 2012 and 2013, the Congressional Budget Office estimated on Tuesday, improving from last year but still high enough to keep up intense election-year pressure on the White House and lawmakers to address government red ink.
CNN Money | Europe's debt crisis: Where things stand
After wreaking havoc in global financial markets last year, the debt crisis in Europe has entered a complicated new phase in 2012.
Econ Comments & Analysis
WSJ | $5 Trillion and Change
The political strategy behind Obamanomics was always simple: Call for "stimulus" to rescue the economy, run up the debt with the biggest spending blitz in 60 years, and then when the deficit explodes call for higher taxes.
CBO | Testimony on the Budget and Economic Outlook: Fiscal Years 2012 to 2022
The federal budget deficit—although starting to shrink—remains very large by historical standards. How much and how quickly the deficit declines will depend in part on how well the economy does over the next few years.
Blogs
CATO | New Congressional Budget Office Numbers Once Again Show that Modest Spending Restraint Would Eliminate Red Ink
Back in 2010, I crunched the numbers from the Congressional Budget Office and reported that the budget could be balanced in just 10 years if politicians exercised a modicum of fiscal discipline and limited annual spending increases to about two percent yearly.
WSJ | CBO: TARP Spending Will Be $61 Billion More in Fiscal 2012
The federal government will spend roughly $61 billion more in fiscal 2012 than it did in fiscal 2011 on its continuing emergency rescue fund instituted at the height of the 2008 financial crisis, the nonpartisan Congressional Budget Office said.
WSJ | Economic Projections and Key Numbers From CBO Budget Report
The nonpartisan Congressional Budget Office released its latest budget and economic forecasts this morning. Both Democrats and Republicans will find campaign trail fodder in the report, as well as reason for concern.
