Congressional Budget Office

What's Next for Social Security?

Lately, nearly every time the Social Security Trustees have reported on the program's health, the news has gotten worse. Here's what we can expect from their next report.

Tax Bills for the Rich Approach 30-Year High

With Washington gridlocked again over whether to raise their taxes, it turns out wealthy families already are paying some of their biggest federal tax bills in decades even as the rest of the population continues to pay at historically low rates.

Done Deal: Fiscal Cliff Bill Passes the House

A weary House of Representatives passed legislation late Tuesday night that will prevent the long-feared fiscal cliff of broad tax increases and spending cuts. The bill's passage on a bipartisan 257-167 vote sealed a hard-won political triumph for President Barack Obama.

How Far Over the Fiscal Cliff Could Washington Go?

The dealmakers who warn that a year-end plunge off the "fiscal cliff" would be disastrous don't seem to be rushing to stop it. Why aren't they panicking? Because those master procrastinators know that Washington deadlines are rarely firm, and they know precisely how they can finagle more time.

Tax Hike for Wealthy Americans Won't Kill Growth

Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday, stepping into a dispute between Republicans and Democrats over how to resolve the so-called "fiscal cliff."

GOP VP Pick Paul Ryan's Medicare Plan Back in Spotlight

Republican Paul Ryan's blueprint for Medicare could prove one of the most polarizing policies of the election. While it's short on details, one thing is clear: It would shift thousands of dollars a year in health are costs back to individual retirees.

Congressional Budget Office Warns of Recession in 2013

The nonpartisan Congressional Budget Office is warning that if $607 billion in tax increases and spending cuts all hit as scheduled, the U.S. will likely go into recession in 2013. It's a "fiscal cliff" we don't have to jump off.

Social Security's Failing Even Faster Than We Thought

Last year, the Social Security Administration warned that the program's trust fund was likely run out of money in 2036, leading to deep cuts in benefits. Now, the Congressional Budget Office says that projection may have been too optimistic.

Surprise! Your Tax Burden Is Lighter Than You Think

With all the talk about taxes and whether we should lower them, you'd think that the citizens and corporations of the United States face steep tax rates. You'd be wrong, though. When it comes to taxes, things are not as they appear.

Older Workers Hit Hardest by Long Term Joblessness

How many Americans have been out of work for more than a year? Around 4.4 million -- about the same as the population of Louisiana. And a disproportionate percentage of those long-term unemployed workers are 55 and older.

The Middle-Class Squeeze: Falling Wealth, Rising Costs

It's no secret that many middle-class families are in a financial bind, caught between rising costs and falling incomes. But according to recent government reports, the middle-class squeeze is not a recent development, and isn't likely to disappear anytime soon.

Social Security Disability Is in Deep Trouble

There's trouble ahead for Social Security disability recipients: A new analysis says the fund will begin to run out of money in 2017 as more and more baby boomers enter retirement.

Debt Hawks, Take Your Own (Virtual) Axe to the Budget

Think you can do better than Congress in coming up with a balanced U.S. budget? Several smartphone apps let you play along with all the fiscal fun happening in Washington. Raise taxes on market speculators? Cut spending on social services? You decide, and these apps will show you the results.

Hocus + Pocus = The 2012 Federal Budget Plan

Like all budgets, the federal government's spending plan is all about revenues and expenditures. Unfortunately, Uncle Sam is very good at grossly overestimating tax receipts and grossly underestimating spending. It's enough to make you wonder if any of it is real.

Will Obamacare Really Kill 1.6 Million Jobs?

The Republican opposition in Congress has put that number on the impact they say health care insurance reform will have on employment. The law's proponents say their figure is way off target. The real affect will likely depend on how the law actually gets implemented.