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.
congressional budget office
Budget Deficit Up Sharply But Lower Than Last Year's Pace
The federal deficit likely grew sharply in February from January but stayed below last year's pace through the first five months of the budget year.
U.S. Fiscal Outlook Improving -- At Least For Now
The federal deficit will continue to shrink, official estimates show, even if Congress does nothing further to cut spending or raise tax revenues.
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.
3 Social Security Shockers From the CBO's Latest Report
The Congressional Budget Office has updated its projections for the Social Security Trust Fund, and the news isn't good. If you're still working, and expect Social Security to cover a major portion of your retirement needs, you'll want to see these numbers.
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.
Fiscal Cliff Tax Hike Fears Could Hurt Retailers, White House Warns
White House economists warned Monday that the uncertainty of a potential hike in taxes next year for middle class taxpayers under the looming fiscal cliff could hurt consumer confidence during the crucial holiday shopping season.
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."
Think Federal Workers Are Overpaid? Look Closer to Home
Want a good salary and benefits? Get a job with the federal government -- or so the prevailing wisdom goes. But if you really want to take home more than the average Joe, get a job working for the state.
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 care costs back to individual retirees.
Tax Facts: GOP Wildly Exaggerates Size of Looming Tax Hikes
Republicans are claiming that "the largest tax increase in American history" will hit at the end of 2012, when a long list of tax cuts will expire unless Congress acts. Only problem is it's not really true.
Unemployment Benefits Ending Sooner Than Expected for Many
On May 12, displaced workers in eight states lost their unemployment benefits from 13 to 20 weeks earlier than expected. So far this year, 400,000 Americans have lost their benefits prematurely, and next month, 70,000 more will.
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.
News About Social Security Trust Fund Shortfall Only Gets Worse
Recent government reports confirm that Social Security's finances are still falling apart, and apparently they're getting worse at an ever-faster pace. That shouldn't come as a surprise, and you need to prepare.