Budget Battles
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Johnson Rejects a Plan to Save His Speakership
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Johnson Defies Hardliners, Pushes Ahead With Foreign Aid Plan
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Facing Right-Wing Revolt, Johnson Says He Won't Resign
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Johnson Unveils Plan for Israel, Ukraine Aid
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Trump Throws Johnson a Lifeline: ‘He’s Doing a Very Good Job’
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Biden’s New Student Debt Relief Plan Would Cost $84 Billion: Analysis
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House Conservatives Deal a New Blow to Johnson
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Deficit Tops $1 Trillion in First 6 Months of 2024 Fiscal Year
By Michael RaineyThe federal budget deficit totaled $1.06 trillion in the first six months of the current fiscal year, the Treasury Department reported Wednesday. Receipts rose to a record $2.18 trillion, an increase...
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Debt Danger Ahead Even Greater Than CBO Sees: Analysis
The team at Bloomberg Economics is warning that federal debt is set to grow even higher as a share of the economy than the most recent projections from the Congressional Budget Office, which see the...
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BlackRock CEO Warns of a Retirement Crisis
Larry Fink, the billionaire chairman and CEO of investing giant BlackRock, warns in a newly published annual letter to shareholders that it’s time to rethink retirement savings in aging countries...
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CBO Projects Major Run-Up in National Debt
By Michael RaineyThe latest long-term outlook from the Congressional Budget Office shows a big increase in the national debt over the next 30 years, with publicly held debt rising to 166% of gross domestic product by...
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Biden Proposes a $7.3 Trillion Budget for 2025
President Biden on Monday proposed a $7.3 trillion budget for fiscal year 2025 that seeks to lower the costs of prescription drugs, child care and housing while also cutting the deficit by $3...
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Deficits to Soar Over $2 Trillion a Year, CBO Says
By Michael RaineyThe federal government’s $1.6 trillion annual budget deficit will grow significantly larger over the next 10 years, according to the latest outlook from the Congressional Budget Office, released...
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Powell Warns of ‘Unsustainable’ Fiscal Path, Talks Rate Cuts
By Michael RaineyIn an interview that aired Sunday evening, Federal Reserve Chairman Jerome Powell told CBS’s “60 Minutes” that “almost all” of the officials involved in setting the central bank’s benchmark interest...
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House Budget Committee Approves Bill to Create Bipartisan Fiscal Commission
The House Budget Committee on Thursday approved a landmark bill to create a bipartisan fiscal commission that would make recommendations on how to address the rising national debt. The commission has...
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Tax Cuts or Spending Increases? What’s Driven the Rise in Debt
Does the U.S. government have a spending problem or a revenue problem? Republicans insist that rising deficits and debt and are caused by the former, while Democrats have argued that repeated tax...
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It’s the Economy, Stupid? Top U.S. Priorities in 2024
By Michael RaineyAmericans are becoming more concerned about immigration and U.S. involvement overseas, but the economy remains the number one issue overall for voters as we head into the 2024 election year,...
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House Republicans Pass McCarthy’s Debt Limit Bill. Now What?
The House on Wednesday narrowly passed House Speaker Kevin McCarthy’s package to raise the debt limit into next year and cut trillions of dollars in federal spending. The vote was 217-215, with four...
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Quote of the Day: A Credit Rating Warning
By Michael Rainey“The increasing use of debt limit standoffs to advance political agendas, combined with political polarisation, is a recipe for more, not less, confrontation around the US debt limit in the years...
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McCarthy Races to Win Over GOP Holdouts on Debt Limit Bill
The House Rules Committee on Tuesday afternoon began consideration of the Republican package to raise the debt limit and slash federal spending, but Speaker Kevin McCarthy (R-CA) and his leadership...
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McCarthy’s Massive Debt Limit Bet
House Speaker Kevin McCarthy (R-CA) and his leadership team are pushing toward a vote this week on their “Limit, Save, Grow Act,” which would raise the debt limit into early next year while saving $4...
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Wall Street Getting Nervous About Possible Default
By Michael RaineyWhile Wall Street has been fairly blasé about the potential for a market-shaking default by the U.S. in the coming months if lawmakers are unable to agree on a deal to raise the debt ceiling, there...