Items Tagged with 'Congressional Budget Office'


  • Government watchdog considering ways to reduce federal costs of reverse mortgage program

    CBO report analyzes impact of 4 proposed solutions – all of them drastic, none of them good
    The Congressional Budget Office released a report Thursday exploring four proposed solutions for lessening the cost and risk of the reverse mortgage program to the federal government. And, the report explores the potential impact of each solution on lenders, borrowers and the budget. Here’s a recap.
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  • The true economic impact of the shutdown has just begun to reveal itself

    Initial estimates place loss to U.S. economy in the billions
    Now that the longest government shutdown in U.S. history is officially over (for the time being, at least) and the dust is starting to settle, we’re getting our first look at the cost of the shutdown on the economy. According to S&P, the economy lost at least $6 billion dollars because of the shutdown, which S&P notes is more than the $5.7 billion that the White House requested for the border wall that was the central cause of the shutdown itself.
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  • House passes long-term reauthorization of National Flood Insurance Program

    Bill to reduce direct spending by $187 million
    Less than a month before the program was set to expire, the House of Representatives voted to pass the 21st Century Flood Reform Act, which will reform and reauthorize the National Flood Insurance Program. The 21st Century Flood Reform Act would reauthorize the NFIP for five years and introduce private market competition.
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  • Bill to improve National Flood Insurance Program to reduce direct spending by $187 million

    Current program extremely financially unstable
    With the clock ticking on how much longer the National Flood Insurance Program will last, the Congressional Budget Office calculated the costs of one of the main bills in the running to update the program. This new bill will significantly turn around the current bill’s one-year shortfall of $1.4 billion. However, not everyone on the Financial Services Committee is on board with the bill.
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  • Affordability in question: The National Flood Insurance Program needs $1.4 billion more to function

    Here are the two main reasons why
    As the expiration date of the National Flood Insurance Program looms, the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, calculated the financial soundness of the program. Turns out, the program is extremely in the red and has an expected one-year shortfall of $1.4 billion. But with the impact of Hurricane Harvey still fresh on everyone’s mind, the urgency to do something is growing.
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  • CBO: Here's how much money Financial CHOICE will save the country

    Most savings come from how the CFPB is funded
    The results are in. The House Committee on Financial Services ordered the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, on May 4 to figure out the financial impact of the Republican-led Financial CHOICE Act, which is the leading option to replace Dodd-Frank. Turns out, the act could save the government billions of dollars.
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  • CBO: Here's when Fed will stop raising interest rates

    Fed Funds Rate to level out at 3%
    The Congressional Budget Office published its economic forecast for the next few years, which included several interest rate hikes. According to the forecast, the federal funds rate will continue to increase several times each year before it levels out at 3%. Here's their prediction of how high rates will rise, and for how long.
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