Budget Battles
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150 Top Business Leaders Back Biden's Covid Plan
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Fed's Powell Warns Congress on the Economy
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Two Key Senators Say No to Biden’s Budget Office Pick
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Manchin May Sink Key Biden Nomination
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Democrats Call for IRS Crackdown on the Rich
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Covid Fuels a $24 Trillion Surge in Global Debt
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Biden Brings His Stimulus Pitch to Prime Time
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Tanden Votes Postponed in Latest Sign of Trouble for Biden’s Budget Nominee
Two Senate committees abruptly delayed planned votes Wednesday on Neera Tanden’s imperiled nomination to head the Office of Management and Budget, underscoring the difficulty President Biden’s pick...
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More Than 150 Top Business Leaders Back Biden's Covid Plan
As Democrats press ahead with plans to pass a $1.9 trillion Covid relief package by a process that would bypass the need for Republican support, more than 150 CEOs of large American companies are...
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Fed’s Powell Warns Recovery Has a Long Way to Go
By Michael RaineyAlthough Federal Reserve Chair Jerome Powell is a Republican and was appointed by former President Donald Trump, he is proving to be an important ally for Democrats as they push ahead on another...
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House Budget Committee Advances Biden’s $1.9 Trillion Relief Plan
The House Budget Committee voted Monday to advance a $1.9 trillion Covid relief package, setting up the massive legislation for a full floor vote later this week. The 19-16 committee vote saw one...
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Biden’s Pick for Budget Chief Runs Into More Opposition
The confirmation math just got even more complicated for President Biden’s pick to be his budget director. Sens. Susan Collins (R-ME) and Mitt Romney (R-UT) both said Monday that they will oppose...
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Yellen Defends Biden Stimulus Plan
By Michael RaineyCovid-19 is still driving the economy, Treasury Secretary Janet Yellen said Monday, and the federal government needs to spend what it takes to blunt the effects on the population while bringing the...
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Treasury Tweaks PPP Loan Rules to Focus on Smaller Businesses
By Michael RaineyThe Treasury Department said Monday that it will alter the rules for the Paycheck Protection Program to get more aid to small businesses. For a two-week period starting Wednesday, the program will...
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Biden to Commit $4 Billion to Global Covid Vaccine Fund
By Michael RaineyPresident Joe Biden announced Friday that the U.S. will soon release $2 billion in initial funding to Gavi, the Vaccine Alliance, a private-public partnership that combats disease in low-income...
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Manchin Says He'll Oppose Biden's Budget Nominee
By Michael Rainey and Yuval RosenbergSen. Joe Manchin (D-WV) said Friday that he will not support President Biden’s pick to lead the Office of Management and Budget, raising the risk that the nominee, Neera Tanden, will fail to win the...
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Next Step in Democrats’ Stimulus Sprint Comes Monday
The next phase of Democrats’ push to pass a $1.9 trillion Covid relief package is set to start on Monday, when the House Budget Committee is scheduled to mark up the legislation. The text of the...
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Good News for Tax Cheats: IRS Audit Rate Drops to Lowest in More Than 40 Years
By Michael RaineyThe annual IRS report we told you about yesterday revealed that the agency audited just 0.45% of individual tax returns in 2019. That marks the eighth year in a row the audit rate has dropped, says...
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The Path to War?
By Yuval Rosenberg and Michael RaineyIs the U.S. on a path to war with Iran? Neither side may want it, but fears of a new war in the Middle East have surged after President Trump ordered the targeted military strike that killed Iranian...
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2020 Preview: The Economic and Fiscal Picture in 10 Charts
The economy is humming along, having grown at an average inflation-adjusted annual rate of just over 2% over the last four quarters. But it is projected to have grown more slowly this year than the 2...
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Unhappy Birthday? Trump Tax Cuts Turn 2
By Michael Rainey“Two years ago today, Republicans in Congress passed a sweeping tax cut,” writes NPR’s Scott Horsley. “It was supposed to be a gift-wrapped present to taxpayers and the economy. But in hindsight, it...
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How the GOP Gave In to Trump on Government Spending
There’s no doubt that it’s President Trump’s party now. Wednesday’s impeachment vote was just the latest indication that Republicans have lined up squarely behind the president, but this week offered...