Before leaving town in December, Congress raised the statutory debt limit by $290 billion to $12.39 trillion. This was a short-term patch that will only provide enough borrowing authority to last until mid-February. Congress must, therefore, address the issue again…
The outlook for the federal budget is deceptively benign under the January 2006 baseline assumptions of the Congressional Budget Office (CBO). In its latest 10-year projections, CBO describes a budget that will reach balance in 2012 and stay balanced through…