Budget Battles
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Johnson Defies Hardliners, Pushes Ahead With Foreign Aid Plan
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Facing Right-Wing Revolt, Johnson Says He Won't Resign
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Johnson Unveils Plan for Israel, Ukraine Aid
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Trump Throws Johnson a Lifeline: ‘He’s Doing a Very Good Job’
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Biden’s New Student Debt Relief Plan Would Cost $84 Billion: Analysis
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House Conservatives Deal a New Blow to Johnson
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Marjorie Taylor Greene Fires Another Warning Shot at Johnson
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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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McCarthy’s Big Test: Can He Get to 218?
Next week, Kevin McCarthy will face his biggest test since winning the speaker’s gavel. McCarthy and House Republicans want to vote soon on the 320-page debt ceiling package they released this week...
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White House Blasts ‘Ransom Demands’ in GOP Debt Plan
By Michael RaineyThe White House on Thursday firmly rejected the 320-page debt ceiling plan released by House Speaker Kevin McCarthy (R-CA), saying it would damage the U.S. economy while aiding corporations and the...
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McCarthy Triples Down on ‘Boehner Rule’ From Past Debt Limit Fights
The debt-limit fight now heating up between House Speaker Kevin McCarthy (R-CA) and President Joe Biden is reminiscent of battles fought 10 and 12 years ago — only McCarthy may be staking out an even...
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House Centrists Offer Backup Plan on Debt Ceiling
By Michael RaineyWith Speaker McCarthy and President Biden barreling toward each other in a high-risk game of chicken over the debt ceiling, a bipartisan group of self-styled centrists in the House on Wednesday...
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McCarthy Releases GOP Bill to Raise Debt Limit, Slash Spending
The debt limit battle is heating up. House Speaker Kevin McCarthy (R-CA) on Wednesday announced a bill that he said would raise the debt limit into next year and cut some $4.5 trillion in spending...