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.
A group of House Democrats walked out of a closed-door briefing with Attorney General Pam Bondi on the Jeffrey Epstein probe late Wednesday, as tensions over the Justice Department's handling of the Epstein case continue to simmer. In:
The FBI is investigating former National Counterterrorism Center Director Joe Kent in connection with alleged leaks of classified information, multiple sources with direct knowledge of the matter tell CBS News.
Illinois' Democratic primary elections on Tuesday received a lot of attention, and not always for the candidates on the ballot. The primary for the open seat left by retiring Sen. Dick Durbin, had served as a test for Illinois Gov. JB Pritzker's political clout ahead of a potential 2028 presidential run.
Gasoline prices in the U.S. jumped on Wednesday, as the Iran war continues to take a toll on energy infrastructure in the Middle East and slow shipping in the Strait of Hormuz. In:
Joe Kent, who resigned Tuesday as National Counterterrorism Center director, has been a stalwart Trump supporter, backing him since his 2016 campaign, through his 2020 election defeat, the Jan. 6 riots, as well as during his own conservative media advocacy and two failed congressional bids. In:
Nancy Guthrie has been missing for 45 days, and with the latest update in the case being of little use to authorities, one expert tells CBS News the extended timeline means it "becomes much harder to keep the investigation going." In:
Democratic Sen. Ron Wyden of Oregon accused a top Justice Department official of blocking the release of a document related to a secret investigation of drug trafficking and prostitution by Jeffrey Epstein. In:
Labor leader Dolores Huerta appeared to corroborate allegations of abuse against young women or minors by the late Cesar Chavez on Wednesday, writing in a statement that she had two non-consensual "sexual encounters" with him that ended in pregnancy. In:
As TSA lines get longer and the situation at U.S. airports becomes more uncertain, there's a method for flyers hoping to fast-pass security wait times. In addition to keeping tabs on TSA wait-time trackers, which are often available on individual airports' websites, air travelers can also enroll in the TSA PreCheck Touchless ID program, a verification process that uses biometrics similar to Clear. In:
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Josh D'Amaro will become the new CEO of the Walt Disney Co. on Wednesday, succeeding longtime chief executive Bob Iger at the helm of the century-old media and entertainment company. Edited by Aimee Picchi In:
Senate Homeland Security Chairman Rand Paul fiercely criticized Senator Markwayne Mullin during his confirmation hearing on Wednesday, calling him a "man with anger issues" after Mullin previously called Paul a "freaking snake" and that Mullin said he understood why a neighbor attacked Paul in 2017. Nikole Killion and Alan He contributed to this report. In:
President Trump on Wednesday issued a 60-day waiver of the Jones Act, a move aimed at lowering energy prices by letting foreign ships move fuel between U.S. ports. Edited by Alain Sherter In: