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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Congress Isn’t Done With Fiscal Fights for the Year
With the months-long drama over raising the debt limit now over — President Joe Biden signed the Fiscal Responsibility Act of 2023 into law on Saturday, suspending the nation’s borrowing limit until...
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Debt Limit Deal Has No Effect on US Credit Rating: Moody’s
By Michael RaineyThe Fiscal Responsibility Act signed into law this past weekend by President Joe Biden eliminates the risk that the U.S. could default on its interest payments, at least until 2025, when a temporary...
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Biden Touts Passage of Debt Limit Bill: 'Crisis Averted'
In an address to the nation on Friday, President Joe Biden celebrated the passage of the bipartisan bill to raise the debt limit. “Crisis averted,” he said. In his first speech from the Oval Office...
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Senate Scrambles to Get to a Final Vote on Debt Limit Deal
The path to raising the debt limit is taking a few late twists and turns. After the House on Wednesday night easily cleared the bill negotiated by House Speaker Kevin McCarthy and President Joe Biden...
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Debt Limit Deal May Save a Lot Less Money Than McCarthy Claims
The debt limit deal cut by President Joe Biden and House Speaker Kevin McCarthy would reduce the federal budget deficit by about $70 billion in fiscal year 2024 and by some $1.5 trillion from 2023...