New data from the Congressional Budget Office (CBO) finds that economic feedback may not cover any of the revenue loss and that TCJA extension might even add more to the debt on a dynamic basis, particularly over the long run, than under conventional scoring.
From December 2023 to November 2024, the federal budget deficit totaled $2.1 trillion based on estimates from the Congressional Budget Office's (CBO) Monthly Budget Review. This is a $51 billion...
The 119th Congress is expected to use the reconciliation process to pass legislation with a significant fiscal impact, such as extending the expiring portions of the 2017 Tax Cuts and Jobs Act (TCJA)...