Congressional Budget Office (CBO) en The 10 Biggest Tax Breaks (And How Much They Cost) The 10 biggest breaks, deductions and credits in the U.S. income tax code are costing the Treasury $900 billion this year, with more than half of that total benefiting the wealthiest 20 percent of taxpayers.<p>This critique is not new — liberals have complained for years that too many exceptions written into what was designed as a progressive income tax instead benefit the most well-off. Wed, 29 May 2013 21:50:00 +0000 S. V. Date 45026 at The Federal Deficit Is Actually Shrinking During the housing bust, taxpayers were forced to bail out mortgage giants Fannie Mae and Freddie Mac. But thanks to the real estate recovery, Fannie Mae could end up paying tens of billions of dollars back to the Treasury this summer.<p>That's just one of the factors behind a better bottom line for the federal government. Wed, 01 May 2013 20:37:00 +0000 Scott Horsley 43713 at The Federal Deficit Is Actually Shrinking $85 Billion Versus $42 Billion: The New Sequester Argument Just how much will the sequester cut? It depends on whom you ask.<p>The White House has been saying spending will be reduced by $85 billion this year, unless the automatic spending cuts set to take effect Friday are averted.<p>The Congressional Budget Office, however, just released a new report saying the cuts will only amount to $42 billion.<p>Why do they differ so much?<p>They don't, really. Thu, 28 Feb 2013 18:45:00 +0000 Alan Greenspan 40852 at Economy To Slow This Year As The Government Tightens, CBO Says While the economy will benefit from continued improvement in "underlying" conditions, the federal government's push to tighten its spending will slow overall growth in 2013, <a href="" target="_blank">the Congressional Budget Office projects</a>.<p>In an updated "Budget and Economic Outlook" reported released Tuesday afternoon, the agency forecasts:<p>-- 1.4 percent growth in gross domestic product this year, vs. Tue, 05 Feb 2013 19:03:00 +0000 Mark Memmott 39763 at Fiscal Cliff Would Only Dent The Deficit Virtually everyone agrees that allowing the nation to fall off the fiscal cliff would be a bad thing.<p>Government programs would be cut, taxes would rise significantly on a majority of Americans, and according to the Congressional Budget Office, the economy would fall back into recession.<p>But get this: Even if all of those things happen, there would still be a budget deficit.<p>When it comes to describing the fiscal cliff — that combination of tax increases and spending cuts that would automatically begin in January unless Congress and the president step in — federal budget guru Stan Collen Tue, 13 Nov 2012 08:31:00 +0000 Tamara Keith 36382 at Fiscal Cliff Would Only Dent The Deficit