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The nonpartisan Congressional Budget Office has a new study of tax breaks in the tax code, and sure enough most of the biggest ones benefit the wealthiest taxpayers.
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The Congressional Budget Office projects the deficit will drop below 4 percent of GDP next year and below 2.5 percent in 2015. Still, despite the improvement in the short run, the federal government faces long-term deficits, mostly tied to health care costs.
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The Congressional Budget Office has a new report saying the forced budget cuts coming tomorrow are actually smaller than the number used by the White House.
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The Congressional Budget Office expects 1.4 percent growth this year, down from 2.3 percent in 2012. The nation's unemployment rate will likely stay near 8 percent this year.
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Virtually everyone agrees that allowing the nation to fall off the so-called fiscal cliff would be a bad thing. Government programs would be cut, taxes would rise, and experts say the economy would fall back into recession. And after all that, the nation still would be dealing with a budget deficit.
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But the non-partisan government agency says it's a double-edged sword, because going over the cliff could also set up the economy for a healthy long run.
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Oklahoma's attorney general claims that an IRS rule to implement the federal health overhaul law's subsidies for some insurance exchanges exceeds the agency's authority. The Congressional Budget Office says more people than previously estimated may have to pay a penalty for not having health coverage.
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Speaker John Boehner also said that he had little hope of bringing the issue to a resolution.
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The nonpartisan analysis arm of Congress has released its latest forecasts on the budget and the economy.
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The Bush-era tax cuts expire at the end of the year, along with the payroll tax break; the nation's borrowing authority bumps against its limit; and huge mandatory spending cuts — half targeting defense — are set to kick in. All this could trigger another recession, but Congress is unlikely to do much about it until after November's election.