Congress has spent more money on interest so far this year than it has spent on both national defense and Medicare.
Read MoreU.S. Spending on Interest Tops National Defense, Medicare
Tag: Congressional Budget Office
Commentary: The Gloves Will Come Off in a Second Biden Term
If you believe, correctly, that the entirety of Joe Biden’s presidency has been one unmitigated disaster after another — not only for the American citizenry, but for the United States’ standing on the world stage and for our allies around the globe who have embraced the cause of freedom and religious liberty — fasten your seatbelts, because you haven’t seen anything yet.
Read MoreCBO Reports Grim Long-Term Outlook for Federal Government
The Congressional Budget Office on Wednesday released a bleak outlook for the federal government with new projections that show debt levels will reach their highest levels ever in five years.
“Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter,” according to the CBO report. “That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”
Read MoreIllegal Immigration ‘Surge’ Will Put ‘Downward Pressure’ on Wages for Years, CBO Says
The Congressional Budget Office (CBO) projects that the ongoing surge in immigration, both legal and illegal, will put “downward pressure” on inflation-adjusted wages through 2034, according to a recently released report.
The downward effect on real wages will continue until 2027, at which point it will “partially reverse,” with immigration still expected to cause average real wages to be lower in 2034 than they otherwise would be, according to CBO. CBO did predict some positive impacts of immigration, as well, such as increased GDP growth and an expanded labor force.
Read MoreBiden Admin Allowed More than 3 Million Migrants into U.S. in 2023
There were 3.3 million people who came to the U.S. illegally, were released into the country via parole or overstayed their permission to remain in the country in fiscal year 2023, according to a recent report from the Congressional Budget Office (CBO).
The number includes 1.1 million who were released by federal authorities after entering illegally, 900,000 who were released at ports of entry, 860,000 who are known to have evaded arrest and 430,000 who overstayed their temporary residency in the country, according to the report. Federal authorities at the southern border recorded more than 2.4 million encounters in fiscal year 2023, according to U.S. Customs and Border Protection (CBP).
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