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Congressional Budget Office: Federal Budget Deficit Totals $1.4 Trillion in 2023; Annual Deficits Average $2.0 Trillion Over the 2024–2033 Period
"The cumulative deficit over the 2023–2032 period that we now project is $3 trillion larger than we projected last May, mainly because of newly enacted legislation and changes to the economic forecast that boost interest costs and spending on mandatory programs. Federal debt held by the public is projected to rise from 98 percent of GDP in 2023 to 118 percent in 2033 — an average increase of 2 percentage points per year. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2033, pushing federal debt higher still, to 195 percent of GDP in 2053. The increase in mandatory spending is driven by rising costs for Social Security and Medicare. Total discretionary spending falls in relation to GDP. As the cost of financing the nation’s debt grows, net outlays for interest increase substantially." more »
Consumer Financial Protection Bureau Seeks Public Feedback On How the Consumer Credit Market is Functioning
The CFPB is interested in hearing about people’s overall experiences with credit card products. In particular, the request is seeking information on: Terms of credit card agreements and the practices of credit card issuers; Effectiveness of disclosure of terms, fees, and other expenses of credit card plans; Adequacy of protections against unfair or deceptive acts or practices relating to credit card plans; Cost and availability of consumer credit cards; Safety and soundness of credit card issuers; Use of risk-based pricing for consumer credit cards; Consumer credit card product innovation more »
Roberta McReynolds Writes: My Rainbow Has 64 Colors
Roberta McReynolds Writes: "Not a Christmas went by without the hope of discovering a brand-new box of 64 crayons to unwrap. Opening the lid released that unforgettable whiff of waxy pigments, and revealed the first glimpse of rows of those perfect tips on display that had never yet touched paper. The body of each stick was double wrapped in paper to lessen the chance of breakage. Those little paper shrouds bore the official name of each color. It was necessary to peel back the paper as the crayons wore down with usage. As I picked at the edge of the stiff paper it would inevitably slip under my short fingernails and stab the tender quick. Tearing back the paper in uneven strips ruined the perfect appearance in my eyes. One time I removed the entire paper from every single crayon to make them all uniform, and soon discovered how difficult it was to discern the differences in the darker colors. I regretted the disaster I’d created and immediately began longing for my next new box of crayons." more »
Consumer Financial Protection Bureau Issues Guidance to Address Shoddy Investigation Practices by Consumer Reporting Companies
"The CFPB has found that consumer reporting companies and some furnishers have failed to conduct reasonable investigations of consumer disputes and to spend the time necessary to get to the bottom of inaccuracies. These failures can affect, among other things, people’s eligibility for loans and interest rates, for insurance, and for rental housing and employment. “One wrong piece of information on a person’s credit report can have destructive consequences that follow a consumer for years,” said CFPB Director Rohit Chopra. “Companies that fail to properly address consumer disputes in accordance with the law may face serious consequences.” more »