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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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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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 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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Fed’s Powell Warns on Inflation and the Debt Limit
Federal Reserve Chairman Jerome Powell on Tuesday delivered new warnings about inflation and the debt limit. In semiannual testimony before the Senate Banking Committee, Powell signaled that sharper...
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Fitch Warns on US Credit Rating: 'Playing With Live Ammunition'
By Michael RaineyThe U.S. has a perfect credit rating from Fitch Ratings, one of three major agencies that grade public and private debt. But James McCormack, Fitch’s global head of sovereign ratings, told CNN Monday...
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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...
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Biden Says Republicans Are Coming for Medicaid and Obamacare, Too
President Joe Biden continued his attacks on Republicans Tuesday, warning in a speech from Virginia Beach, Virginia, that some in the GOP would raise health care costs, cut vital programs like...
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Biden Maintains Pressure on the Debt Ceiling
By Michael RaineyPresident Joe Biden took aim at Republicans Monday, again accusing GOP lawmakers of threatening the stability of the U.S. economy as they look for ways to negotiate unspecified spending cuts in...
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Debt Default Most Likely in Summer or Early Fall: Analysis
By Michael RaineyWith the need to raise the debt ceiling still hanging over Washington, a leading think tank in the nation’s capital provided a new estimate on Wednesday of when the U.S. Treasury could reach a crisis...
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Flipping the Script, Biden Says GOP Would Add Trillions in Debt
As the Congressional Budget Office projected a worsening fiscal outlook , President Joe Biden on Wednesday sought to portray his economic plans as both successful and fiscally responsible and draw a...
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US on Pace to Add $19 Trillion to National Debt Over Next Decade: CBO
By Michael RaineyFederal finances are deteriorating more rapidly than expected, the Congressional Budget Office said Wednesday as it released its 10-year outlook for the federal budget and the U.S. economy. The 101-...
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US Faces Debt Default as Soon as July: CBO
By Michael RaineyThe U.S. will default on its obligations sometime between July and September if the federal debt limit is not raised or suspended, the Congressional Budget Office said in a new estimate published...