Budget Battles
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Biden White House Lays Out Plan for Coming Tax Showdown
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Trump Tax Cut Extension Would Cost $4.6 Trillion: CBO
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House Kills Greene Motion to Oust Speaker Johnson
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Greene Backs Off Johnson Threat, but Issues Four Demands
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Social Security, Medicare Get Boost From Strong Economy
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Biden and Trump Joust Over Jobs Report
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IRS Unveils Plan to Crack Down on the Rich
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Deficit Tops $1 Trillion in First 6 Months of 2024 Fiscal Year
By Michael RaineyThe federal budget deficit totaled $1.06 trillion in the first six months of the current fiscal year, the Treasury Department reported Wednesday. Receipts rose to a record $2.18 trillion, an increase...
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Debt Danger Ahead Even Greater Than CBO Sees: Analysis
The team at Bloomberg Economics is warning that federal debt is set to grow even higher as a share of the economy than the most recent projections from the Congressional Budget Office, which see the...
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BlackRock CEO Warns of a Retirement Crisis
Larry Fink, the billionaire chairman and CEO of investing giant BlackRock, warns in a newly published annual letter to shareholders that it’s time to rethink retirement savings in aging countries...
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CBO Projects Major Run-Up in National Debt
By Michael RaineyThe latest long-term outlook from the Congressional Budget Office shows a big increase in the national debt over the next 30 years, with publicly held debt rising to 166% of gross domestic product by...
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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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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...
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Moody’s Warns on Shutdown Risk
By Michael RaineyMoody’s Investors Service warned Monday that a government shutdown would be seen negatively by the credit rating agency. Of the three major ratings agencies, Moody’s is the only one that has...