Budget

April Is Financial Literacy Month. Someone Tell Congress

By Joe Minarik and Caroline L. Ferguson

February is Black History Month, March is National Women’s Month, and April? Well, it’s Financial Literacy Month, of course! The U.S. government gave financial literacy its own month in 2003. April...
Why All the Warnings About Unsustainable National Debt Could Be Wrong

By Michael Rainey

International economists are warning about rising global debt levels and deficit hawks in Washington are increasingly worried about what they see as unsustainable debt levels in the U.S., but a new...
The US Has an Exceptional Debt Outlook – and Not in a Good Way

By Michael Rainey

The International Money Fund’s latest global fiscal survey warns that in five years, the U.S. debt-to-GDP ratio will be higher than Italy’s, a nation not generally known for its exemplary fiscal...
Why More School Districts Are Holding Class Just Four Days a Week

By Sophie Quinton, Stateline

The public school in Campo, Colorado, hasn’t required all its students to come to class on Fridays for nearly two decades. The 44-student district dropped a weekday to boost attendance and better...
When the Budget Won’t Balance, Just Get Rid of the Budget Committee?

By Michael Rainey

It may sound like a joke — Erik Sherman of Forbes said it seemed like something “from The Onion or Andy Borowitz at the New Yorker, only with less humor and pith” — but Sen. Mike Enzi (R-WY), chair...

With Recent Laws, Congress Has Added $540 Billion to the 2019 Deficit

By Yuval Rosenberg

Spending hikes and tax cuts passed since 2015 under the Trump and Obama administrations account for $540 billion of next year’s projected $981 billion budget deficit, or 55 percent, according to...
F-35 Deliveries Halted Over Repair Bill

By Michael Rainey

The F-35 Lightning II has yet to fire a shot in anger but the Pentagon is already arguing with manufacturer Lockheed Martin over a big repair bill. The Defense Department has stopped accepting most...
This State's a Big Winner When It Comes to Defense Spending

By Michael Rainey

Spending on huge weapons programs like the F-35, which has an estimated lifetime cost of more than $1 trillion, is carefully spread around the country to maximize its economic impact – and to make it...
State Pension Funds Fall Deeper in the Hole

By Michael Rainey

State pension plans are facing a massive $1.4 trillion funding gap, according to a new analysis from the Pew Charitable Trust. Pension liabilities in all 50 states increased by $295 billion to...
Why Trillion-Dollar Deficits Matter

By Yuval Rosenberg

The Congressional Budget Office confirmed this week that the deficit is on pace to surpass $1 trillion in 2020 and climb higher from there barring action by leaders in Washington, potentially...

The Era of Permanent $1 Trillion Deficits Will Start in 2020, CBO Says

By Yuval Rosenberg

The Republican tax plan and increased government spending will provide a temporary boost to the economy but sharply increase the federal deficit, sending it above $1 trillion a year in 2020, two...
Congress Was Hoping to Ride the Tax Cuts to the Election, but Trump May Have Other Plans

By Yuval Rosenberg

Now that Congress’ spring break is over, Republican lawmakers back in Washington are facing pressure from the White House to tackle some big items on President Trump’s agenda, even as many of them...
Trump Discussed Rolling Back Part of $1.3 Trillion Spending Deal

By YLAN Q. MUI, CNBC

President Donald Trump spoke with Republican leadership this week about the possibility of rolling back part of the $1.3 trillion government spending bill that he signed into law less than two weeks...
The Problem a Balanced Budget Amendment Can’t Fix

By Michael Rainey

As reports filtered out Wednesday that House Speaker Paul Ryan plans to bring a balanced budget amendment to the House floor for a vote, in fulfillment of a pledge to Rep. Mark Walker, chair of the...
Air Force May Have to Slash Its F-35 Order

By Michael Rainey

The U.S. Air Force plans to order 1,763 F-35 Lightning II jets from Lockheed Martin, but rapidly increasing operating costs could reduce that number significantly. According to an internal analysis...