CBO warns of sharp uptick in Social Security, Medicare spending
Federal spending on Social Security and Medicare is projected to rise dramatically over the next decade, far outpacing revenues and the economy on the whole while putting new pressure on Congress to address accelerated threats of insolvency, according to new estimates from the Congressional Budget Office (CBO). The increase is driven by a variety of factors, including Social Security’s new cost-of-living adjustment, the rising cost of medical services under Medicare and greater participation rates in both programs, as the last of the baby boomers become eligible for retirement be
Read MoreHow China’s spy balloon spurred a rapid shift in US sky patrol
The downing of a Chinese spy balloon over U.S. airspace has forced a rapid recalibration in how the military monitors, tracks and responds to threats from above. The Defense Department said that after the Chinese spy balloon flew over much of the U.S. earlier this month before being shot down, the military began paying closer attention to lower-altitude flying objects. That led to the detection and elimination of three UFOs in the span of three days over the weekend. The Biden administration announced this week the formation of an interagency task force to inve
Read MoreAmericans' dissatisfaction with gun laws at new high: Gallup poll
A majority of Americans surveyed expressed dissatisfaction with current gun laws in the U.S. amid a recent string of mass shootings affecting the country, according to a new Gallup poll. The poll, published Wednesday, found that 63 percent of respondents said they are dissatisfied with the nation’s laws and policies on firearms, while 34 percent of those surveyed said the opposite. The re
Read MoreDOJ decides not to charge Gaetz in sex-trafficking probe
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Read MoreUS could default as early as July: CBO
The federal government could default on its debt as early as July if Congress is unable to raise the debt limit, according to a report released Wednesday by the Congressional Budget Office (CBO). The nonpartisan budget scorekeeper said the Treasury Department could exhaust the so-called “extraordinary measures” it began taking last month to stave off a default sometime between July and September. It said it is difficult to pinpoint an exact date as factors like revenue collected during tax season and government spending in the next few months could have an impact on the
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