Budget Battles
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Border Battle Pushes Congress Toward a Shutdown
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Biden to Congress: Pass the Foreign Aid Bill ASAP
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Republicans Eye Frozen Russian Assets to Fund Ukraine
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Shutdown Threat Rises Again as GOP Demands Border Changes
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House Dems Try to Force a Vote on Ukraine Aid
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Biden Proposes a $7.3 Trillion Budget for 2025
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Senate Averts Midnight Shutdown, but Not Without Drama
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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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Moody’s Sends a Warning on US Debt
By Michael RaineyMoody’s Investors Service on Friday changed its outlook for the U.S. credit rating from “stable” to “negative,” citing both the rapidly expanding national debt during a time of high interest rates...
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Romney and Manchin Call for Commission to Stabilize US Debt
By Michael RaineySens. Mitt Romney of Utah and Joe Manchin of West Virginia introduced a bill Thursday that would create a commission tasked with stabilizing the national debt. Warning that the nation’s finances are...
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US Debt Costs Hit $1 Trillion a Year: Analysis
By Michael RaineyPersistent budget deficits combined with a big jump in interest rates translate into a rapidly rising cost of servicing the national debt. According to an analysis by Bloomberg News, the annual cost...
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House GOP’s Israel Aid Plan Would Add Billions to Deficit: CBO
House Speaker Mike Johnson’s plan to cut IRS funding to pay for the cost of a $14.3 billion aid package to Israel would add billions to the deficit over the next 10 years, according to a new estimate...
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The Deficit Rose to $1.7 Trillion in 2023. The White House Blames Republican Tax Cuts.
The federal budget deficit for fiscal year 2023 was $1.695 trillion, up from $1.375 trillion the prior year, according to data released Friday by the Treasury Department. Receipts for the year came...
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Deficit Rises to $1.7 Trillion in 2023: CBO
By Michael RaineyThe federal budget deficit totaled $1.7 trillion in fiscal year 2023, about $300 billion (23%) larger than the year before, according to a preliminary analysis released by the Congressional Budget...
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He’s History: McCarthy Ousted as House Speaker in Unprecedented Vote
By Michael RaineyIt took Kevin McCarthy 15 votes to win the House speakership in January, but just one vote to lose his hold on the office 10 months later. Thanks to the efforts of a small minority of far-right...