Budget Battles
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Decision Day Looms for the Fed
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‘Five-Alarm Fire’: White House Slams GOP Budget Proposal
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GOP Senators Take Aim at Biden’s Student Loan Forgiveness Plan
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Yellen Trashes GOP Plan to Prioritize Debt Payments
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GOP Budget Goal Would Require ‘Massive’ Cuts
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Warning Signs in New Inflation Report
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Will the Fed Slam on the Brakes After Bank Failures?
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‘Five-Alarm Fire’: White House Slams GOP Budget Proposal
The White House on Monday launched what it says will be a week-long offensive slamming Republicans over what it calls a “draconian” budget plan proposed by the right-wing House Freedom Caucus. House...
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Health Care Spending Growth Continues to Slow, CBO Says
By Michael RaineyThe Congressional Budget Office says the projections it made soon after the passage of the Affordable Care Act overestimated the level of federal mandatory spending on health care for the period 2010...
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GOP Senators Take Aim at Biden’s Student Loan Forgiveness Plan
By Michael RaineyWith the fate of President Joe Biden’s plan to forgive billions of dollars in student loan debt now in the hands of the Supreme Court, some Republican lawmakers want to ensure that the program never...
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Taxpayer Advocate Says $80 Billion IRS Funding Boost Strikes Wrong Balance
The National Taxpayer Advocate on Thursday weighed in on the controversial $80 billion, 10-year funding boost provided to the Internal Revenue Service by Democrats last year, writing that the money...
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Yellen Trashes GOP Plan to Prioritize Debt Payments
By Michael RaineyAppearing before the Senate Finance Committee Thursday, Treasury Secretary Janet Yellen said in no uncertain terms that she does not think a Republican proposal for the U.S. to prioritize its debt...
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CBO Analysis Highlights Difficulty of GOP’s Balanced Budget Goal
By Michael RaineyAlthough they are united in their opposition to President Joe Biden’s budget proposal for fiscal year 2024, House Republicans have yet to release their own version of next year’s budget. The timeline...
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Republicans Push for Tighter Work Requirements for Food Stamps
By Michael RaineyA group of Republicans in the House plan to release a bill Tuesday that would make it harder for some adults to claim benefits from the Supplemental Nutrition Assistance Program, commonly known as...
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House Freedom Caucus Issues Demands in Debt Limit Fight
Members of the far-right House Freedom Caucus on Friday demanded steep spending cuts and a rollback of major portions of President Joe Biden’s agenda and insisted that their conditions be met before...
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Biden’s $6.9 Trillion Budget Sets Up Battle With Republicans
By Michael Rainey and Yuval RosenbergPresident Joe Biden unveiled a $6.9 trillion budget proposal for fiscal year 2024 on Thursday, proposing to increase federal spending and raise taxes on the rich and corporations. The plan, which is...
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Biden to Propose Nearly $3 Trillion in Deficit Cuts
President Joe Biden’s budget plan due to be released on Thursday reportedly proposes to cut deficits by nearly $3 trillion over the next 10 years — more than the $2 trillion the president promised in...
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Republicans Plan for Possible Debt Default
By Michael RaineyAs Republicans gear up for a fight with President Joe Biden over raising the debt limit, some lawmakers want to prepare the federal government for how it should proceed in the event of a debt default...
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Debt Default Would Devastate US Economy, Moody’s Warns
By Michael RaineyWhat will happen if lawmakers fail to raise the $31.4 trillion debt limit before the U.S. Treasury runs out of cash to pay its bills in full and on time? According to a new report from Moody’s...
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Biden Pitches Higher Taxes on the Rich to Help Save Medicare
President Joe Biden on Tuesday previewed his plan to address a looming Medicare funding crisis, proposing to extend the solvency of a key program trust fund by raising taxes on people making more...
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Another $400 Million in Military Aid for Ukraine
By Michael RaineyThe Biden administration on Friday announced a new batch of military aid for Ukraine, worth up to $400 million. The latest allotment pushes the total value of U.S. military aid provided to Ukraine to...
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Biden Says GOP Is 'Manufacturing a Crisis'
As he prepares to release his budget next week, President Joe Biden is continuing to try to grab the mantle of fiscal responsibility and frame the battle ahead with House Republicans over both a...