Budget Battles
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New Poll Finds Liberals and Conservatives Agree: Tax the Super-Rich
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Biden Vows US Will Pay to Rebuild Collapsed Baltimore Bridge
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How Congress Wasted ‘Months of Precious Time’ on the 2024 Spending Bills
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Senate Struggles to Avert Shutdown, Speaker Johnson Faces Revolt
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Long-Delayed $1.2 Trillion Spending Package Zooms to the Finish Line
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Debt Will Hit Record High This Decade, CBO Warns
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Congress Races Against the Clock to Avoid Shutdown
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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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US Hits $34 Trillion in Debt
By Michael RaineyThe gross U.S. national debt surpassed $34 trillion last Friday, according to the Treasury Department’s daily debt tracker . The debt grew quickly in 2023, topping $32 trillion in June and $33...
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House Budget Committee Examines Pros and Cons of a Bipartisan Fiscal Commission
The House Budget Committee held a hearing Tuesday to discuss and debate the pros and cons of several proposals to create a bipartisan fiscal commission to address the national debt and federal...
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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...
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McCarthy’s Big Test: Can He Get to 218?
Next week, Kevin McCarthy will face his biggest test since winning the speaker’s gavel. McCarthy and House Republicans want to vote soon on the 320-page debt ceiling package they released this week...
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White House Blasts ‘Ransom Demands’ in GOP Debt Plan
By Michael RaineyThe White House on Thursday firmly rejected the 320-page debt ceiling plan released by House Speaker Kevin McCarthy (R-CA), saying it would damage the U.S. economy while aiding corporations and the...