Budget Battles
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Senate Advances $95 Billion Foreign Aid Package
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GOP Infighting Continues as Senate Heads for Aid Vote
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News Alert: House Approves $95 Billion Aid Package for Ukraine, Israel and Taiwan
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Dems Help Save Johnson's Aid Package for Israel, Ukraine
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Johnson Rejects a Plan to Save His Speakership
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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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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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What’s in the Fiscal Responsibility Act of 2023
By Michael RaineyHere are some of the key elements of the budget and debt-ceiling agreement reached between the Biden administration and Republicans in the House: Debt limit suspended until January 1, 2025: The...
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Yellen Specifies a New Deadline for Raising Debt Limit
Negotiators for President Joe Biden and House Republicans are still working to lock down a deal to set federal spending levels, raise the nation’s borrowing limit and avoid a potentially calamitous U...
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Right and Left Fume as Negotiators Near a Debt Limit Deal
White House and congressional negotiators are reportedly nearing a budget deal that would cut spending and raise the debt ceiling to avert an unprecedented default on U.S. debt — and members of both...
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Fitch Threatens Downgrade as Debt Limit Brinkmanship Continues
By Michael RaineyFitch Ratings, one of the three major firms that grade sovereign debt, announced late Wednesday that the United States’ perfect AAA credit rating is now at risk due to the ongoing political battle...
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U.S. ‘Almost Certain’ to Miss Early June Payments Unless Debt Limit Is Raised, Yellen Says
By Michael RaineyOnce again warning that the nation faces serious risks from a debt default, Treasury Secretary Janet Yellen said Wednesday that it was “almost certain” that the U.S. would be unable to meet its...