According to just-released CBO projections, passage of the latest version of the DREAM Act would increase budget deficits by around $26 billion by 2027.
When Congress goes to pass funding for Fiscal Year 2019, lawmakers will discover that the sum of tax cuts and spending increases will virtually assure that federal deficits will reach $1 trillion in FY19. Americans can’t afford—literally and figuratively—to ignore the looming return of $1 trillion annual federal deficits and the waterfall of impacts they will create.
Absent action by Congress to extend the debt limit, BPC previously estimated that the “X Date” could arrive sometime in March.
The Congressional Budget Office (CBO) projected in its June budget baseline that in Fiscal Year 2022 the federal deficit will once again exceed $1 trillion (4.5 percent of GDP). However, much has happened since that CBO estimate was made. Three hurricanes have battered the United States and its territories, congressional leaders on both sides have suggested increases in discretionary spending…
If the legal limit on federal borrowing is not lifted sometime in early to mid-October, the US might not have enough money to pay all of its bills when they are due.
Statement from BPC’s Expert Panel on the Future of Health Care following the unsuccessful effort of the Senate to pass the Health Care Freedom Act.