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GOP Budget Proposal Would Increase Health Cost for Future Retirees
By not in system - AOL NewsWASHINGTON -- Most future retirees would pay considerably more for health care under the new budget proposed by House Republicans, according to an analysis by nonpartisan experts for Congress that signals problems ahead for the plan. The fiscal blueprint would put people now 54 and younger in a different kind of health care program when they retire, unlike the Medicare that their parents and grandparents have known. Instead of coverage for a set of benefits prescribed from Washington, they'd get a federal payment to buy private insurance from a choice of government-regulated plans. "A ...
Federal Budget Deficit on Track to Hit Record $1.5 Trillion
By not in system - AOL NewsWASHINGTON -- Far from slowing, the government's deficit spending will surge to a record $1.5 trillion flood of red ink this year, congressional budget experts estimated Wednesday, blaming the slow economic recovery and last month's tax-cut law. The report was sobering new evidence that it will take more than President Barack Obama's proposed freeze on some agencies to stem the nation's extraordinary budget woes. Republicans say they want big budget cuts but so far are light on specifics. Wednesday's Congressional Budget Office estimates indicate the government will have to borrow 40 cents ...
Stimulus Provided Large Jobs Boost, Says CBO Report
By Steven Hoffer - AOL News(Nov. 24) -- Here is one thing you can be thankful for: The heavily criticized American Recovery and Reinvestment Act generated a rise of between 1.4 and 4.1 percent in national output from July to September, according to a report from the nonpartisan Congressional Budget Office. With the unemployment rate still at the forefront of public concerns, the CBO said the stimulus package also created between 1.4 million and 3.6 million jobs during the same period. The stimulus did not, however, decrease the unemployment rate to below 8 percent, as the Obama administration promised when it sold the ...
Poverty Rate Isn't Only Bad News for US Economy Lately
By David Knowles - AOL News(Sept. 16) -- As the American economy shows some signs of pulling out of the worst economic downturn since the Great Depression, a host of dire statistics paints a less-than-rosy fiscal portrait for poor and middle-class citizens. Growing Poverty Rate The U.S. Census Bureau announced today that the poverty rate in America rose from 13.2 percent of the population to 14.3 percent. That means that 43.6 million people, a full one out of every seven U.S. citizens, now lives below the poverty line. For a family of four, that means an annual income of $21,954 or less. Growing Number of Uninsured In ...
CBO: Bad Economy Would Be Worse Without Stimulus
By Joseph Schuman - AOL News(Aug. 25) -- A complete cure for the economic malaise gripping the country is still eluding officials in the Obama administration and the Federal Reserve, but that doesn't mean the policies they've taken haven't helped. Today's report from the nonpartisan Congressional Budget Office finds that the stimulus program pushed through last year by President Barack Obama has put millions back to work -- a point fiercely contested by Republicans in the pre-election debate over stubborn unemployment and slowing growth. Lynne Sladky, AP Joseph Oeler Jr., 35, of Hollywood, Fla., waits in line Aug. 2 ...
Opinion: Can You Trust Those Health Care Numbers?
By John Merline - AOL News(Nov. 19) -- The numbers certainly have a pleasing specificity to them. The Senate health care reform bill will cost $848 billion over 10 years and cut the deficit by $130 billion. The House version will cost $1.052 trillion and cut the deficit by $109 billion. But how reliable are these forecasts? Not very, if history is any guide. Time and again, cost projections made by the Congressional Budget Office and other official number-crunching organizations have missed the mark by wide margins, with actual costs blowing past forecasts and adding to deficits. Here's a sampling: Medicare: Almost ...
Deficit Forecast Much Worse Than Administration Projections
By Mark Impomeni - Politics DailyThe Congressional Budget Office is becoming something of a thorn in the side of the Obama Administration as President Obama pushes to get his economic and federal spending plans passed by Congress. The CBO scored the Administration's $787 billion economic stimulus bill and found that it would actually result in lower economic growth than if the Administration did nothing about the economic downturn. Now the non-partisan and official Congressional budget analysis office has come out with an estimate of the federal deficits that would result from the president's $3.6 trillion budget plan if ...
Obama Stimulus Plan Worse than Doing Nothing
By Mark Impomeni - Politics DailyThe Congressional Budget Office, the non-partisan official budget watchdog, issued a scorecard on the long-term impacts of President Barack Obama's and Congressional Democrats' proposed economic stimulus plan, and the numbers are not good. The report took a look at the impact the plan would have on the economy over the next ten years, and found that the stimulus bill would actually lower the nation's total economic output more than if the Administration did nothing.While the CBO estimates that the stimulus will result in 1.4 to 4 percent higher growth in the short term, by 2019 GDP would be ...
Deficit Forecast Anticipates Slowdown
By Mark Impomeni - Politics DailyThe Congressional Budget Office (CBO) released figures Wednesday that predict the Federal budget deficit will increase to $250 billion in 2008 due in part to decreasing tax receipts. The CBO forecasts declining corporate tax revenues in a slowing U.S. economy will balloon the deficit close to $100 billion over last year's $163 billion shortfall. The numbers do not take into account a planned economic stimulus package that is likely to come in at over $100 billion in additional Federal spending and tax breaks. Taken together, the slowing economy and attempts to fix it will cause the Federal ...
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