Budget Battles
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Biden Unveils $1.9 Trillion ‘American Rescue Plan’
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Trump Impeached Again: What's Next?
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America’s Infrastructure Gap Will Hit $5.6 Trillion: Report
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Trump Impeachment Could Delay Biden Stimulus
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Biden Calls for Trillions More in Covid Relief
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Dems Pledge $2,000 Checks as Biden Agenda Gets a Boost
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Insurrection at the Capitol
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Deficit Hits $572 Billion for First Three Months of Fiscal 2021: CBO
The federal budget deficit for the first quarter of fiscal year 2021 totaled $572 billion, up $215 billion from the same period a year earlier, the Congressional Budget Office estimated on Monday...
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2021 Deficit On Track to Total $2.3 Trillion: Budget Watchdog
The federal budget deficit for fiscal year 2021 is on track to total $2.3 trillion, or 10.4% of gross domestic product, lower than the record $3.1 trillion deficit last year but higher than any other...
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CBO Report Lists 83 Options for Reducing the Deficit
The federal budget deficit in October and November, the first two months of fiscal year 2021, totaled $430 billion, an increase of $87 billion, or 25%, over the same period last year, the...
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Debating the Debt: Biden’s Team Reflects a Big Shift
Debates about the national debt and federal budget deficit dominated political and policy clashes throughout the Obama administration, but largely disappeared during President Trump’s time in the...
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What Biden’s New Economic Team Signals About His Agenda
President-elect Joe Biden on Monday announced his picks for top members of his economic team, with choices that signal a strong focus on providing relief for a Covid-stricken economy and help for the...
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Why Big Deficits Are Here to Stay (for Now)
By Michael RaineyFrom billions in income supplements for households to trillions in guaranteed loans for businesses, fiscal policy has taken a central role in the government’s response to the Covid recession...
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Cost of Interest on National Debt Falls Despite Surging Deficit: CBO
By Michael RaineyThe federal government estimates that it has paid billions of dollars less in interest on the national debt in the 2020 fiscal year, despite an increase in the size of the national debt on an annual...
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Deficit Tops $3 Trillion in 2020: CBO
By Michael RaineyThe federal budget deficit rose to a record-breaking $3.1 trillion in fiscal year 2020, according to estimates released by the Congressional Budget Office Thursday. Even before the coronavirus crisis...
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Both Trump and Biden Plans Would Push Debt Higher: CRFB
By The Fiscal Times StaffEach set of proposals laid out in the campaigns of President Trump and former Vice President Joe Biden would increase the national debt by about $5 trillion over a decade, according to a new analysis...
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‘Doomed to Fail’: Why a $4 Trillion Bailout May Not Be Enough
By Michael RaineyThe roughly $4 trillion spent in response to the coronavirus pandemic has become the costliest economic rescue effort in U.S. history, surpassing even the staggering cost of 18 years of war in...
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Coronavirus Spending Will Add $2.4 Trillion to Deficit: CBO
By The Fiscal Times StaffThe four pieces of legislation Congress passed in March and April to provide relief and stimulus during the coronavirus pandemic will add about $2.4 trillion to the deficit, the Congressional Budget...
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Budget Deficit Soars to $1.9 Trillion After Coronavirus Relief Spending
By Michael RaineyThe federal budget deficit grew to $1.88 trillion in the first eight months of the 2020 fiscal year, the Treasury Department announced Wednesday. Nearly twice the deficit recorded in all of 2019, the...
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Bipartisan Group of Lawmakers Wants Next Coronavirus Bill to Address Rising Debt
Congress is likely to pass another coronavirus relief bill at some point, but doing so may require addressing the mounting deficit concerns of a bipartisan group of lawmakers. A group of 60 House...
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Fed Chief Again Nudges Congress to Do More
Federal Reserve Chair Jerome Powell again cautioned that the central bank and Congress may need to do more to prevent longer-term economic damage from the coronavirus pandemic — and that concerns...
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Pelosi Defends $3 Trillion Coronavirus Relief Bill
House Speaker Nancy Pelosi on Wednesday defended the massive $3 trillion coronavirus relief package Democrats released Tuesday, telling the Associated Press that the pandemic “is the biggest disaster...