Budget Battles
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Stimulus Deal Gains Steam as McConnell, Pelosi Talk
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Pelosi and Schumer Make a Big Concession on Stimulus
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Senators Float $908 Billion Stimulus Compromise
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What Biden’s New Economic Team Says About His Agenda
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What Biden’s Pick of Yellen Means for the Economy and Stimulus
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Trump Threatens Veto of Defense Bill
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Virus Surge Could Wallop the Economy Again
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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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Debt Will Nearly Double by 2050: CBO
By Michael RaineyThe national debt will increase to about twice the size of the economy over the next 30 years, the Congressional Budget Office said Monday in its latest long-term budget outlook . Currently equal to...
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Pandemic Legislation Will Boost GDP by 4.7% This Year: CBO
By Michael RaineyThe four major laws passed by Congress to address the coronavirus pandemic will boost real domestic gross product by 4.7% in 2020 and 3.1% in 2021, the Congressional Budget Office said Friday. The “...
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Biden’s Tax Plan: Who Really Would Pay More?
Joe Biden’s tax plan would have high earners paying significantly more, with the top 1% of households shouldering 80% of the increase while those earning less than $400 would see no change on average...
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Top Trump Advisers Want to Limit Debt From Stimulus. One Problem: Trump
Wary of the cost of surging federal spending to combat the coronavirus crisis, senior Trump administration officials are looking at ways to reduce the additional debt created by any future stimulus,...
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Pelosi Pushes Back on Trump’s Call for New Tax Cuts
House Speaker Nancy Pelosi on Thursday laid out the broad outlines of the next round of coronavirus stimulus being written by House Democrats and dismissed President Trump’s calls for payroll and...
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Trump Pushes Payroll Tax Cut Panned by Economists
As the Senate returns to the Capitol this week, the obstacles to the next round of emergency coronavirus relief legislation seem to be mounting. Trump insists on a payroll tax cut: President Trump...
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Why Canceling Debt Held by China May Be ‘Worse Than Telling People to Drink Bleach’
As President Trump and his administration have ramped up criticisms of Beijing’s response to the coronavirus pandemic, The Washington Post reported Thursday evening that senior government officials...
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Fed’s Powell Says US Economy Will Need More Stimulus
Federal Reserve Chair Jerome Powell said Wednesday that both the central bank and Congress will likely need to do more to support the economy and promote a strong recovery from the coronavirus crisis...