U.S. economy is facing a long-term slowdown, crimped by debt and declining birth rates, CBO says
CBSN
The U.S. economy could face slower economic growth over the next three decades due to weak population gains and increased government spending, the nonpartisan Congressional Budget Office said Thursday.
The CBO's latest long-term budget and economic outlook report, which covers a timeframe that spans 2025 to 2055, projects publicly held debt to reach 156% of gross domestic product, or GDP, in 2055. That's down from the agency's March 2024 long-term budget projection, which said publicly held debt would be equal to a record 166% of American economic activity by 2054.
But that's not necessarily a positive.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
The Hamas militant group said Saturday it has accepted a new Gaza ceasefire proposal from mediators Egypt and Qatar, but Israel said it has made a counter-proposal in "full coordination" with the third mediator, the United States.
The leader of Lebanon's Hezbollah group warned Saturday that if Israel's attacks on Lebanon continue and the Lebanese state does not act to stop them, the group will eventually resort to other alternatives.
Crowds protesting billionaire Elon Musk's purge of the U.S. government under President Trump began amassing outside Tesla dealerships throughout the U.S. and in some cities in Europe on Saturday in the latest attempt to dent the fortune of the world's richest man.
The leader of a small group of self-described satanists and three other people were arrested Friday following a scuffle inside the Kansas Statehouse arising from an effort by the group's leader to start a Black Mass in the rotunda.
The U.S. beekeeping industry is in crisis over the shocking and unexplained deaths of hundreds of millions of bees over the last eight months.
A Delta Air Lines flight departing Ronald Reagan National Airport near Washington, D.C., experienced a close call with an Air Force jet just after takeoff Friday afternoon, authorities confirmed. Both flights ultimately continued to their destinations without incident.
Dr. Peter Marks, the Food and Drug Administration's top vaccine official, was forced to resign Friday, multiple people familiar with the matter told CBS News.
President Trump commuted the sentence of Ozy Media co-founder Carlos Watson, a White House official confirmed to CBS News Friday, just before Watson was due to report to prison for a nearly 10-year sentence in a financial conspiracy case.
Drenching rain along the Texas-Mexico border let up Friday, but rescues were still ongoing a day after severe storms trapped residents in their homes, forced drivers to abandon their vehicles on flooded roads and shut down an airport. At least three people died.
The entire staff of the federal government's Office of Infectious Disease and HIV/AIDS Policy is expected to be laid off, multiple federal health officials told CBS News Friday. The moves are part of a broader restructuring plan ordered by Health and Human Services Secretary Robert F. Kennedy Jr. that involves cutting 20,000 HHS positions.
U.S. District Judge Amy Berman Jackson issued a preliminary injunction Friday that blocks the Trump administration from dismantling the Consumer Protection Financial Bureau.
Stocks are taking a battering on Friday amid growing concerns on Wall Street about the impact of President Trump's tariff regime as well as hotter-than-expected price data, sparking worries that the Federal Reserve is far from declaring victory on inflation.
The Beehive State became the first to prohibit flying the LGBTQ pride flag at schools and all government buildings after its Republican governor said he was allowing a ban on unsanctioned flag displays to become law without his signature.