Budget Battles
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Battle Over 'Woke' Policies Threatens Defense Bill
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Inflation Slows Again: Soft Landing Ahead?
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US Economy Turns Up the Sizzle
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Border Security Showdown Could Sink Biden’s Aid Package
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Crunch Time for Israel and Ukraine Aid: Can Congress Get It Done?
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Why Mike Johnson Just Met With Trump
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The Next Fiscal Fight Is Just Days Away
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House Budget Committee Examines Pros and Cons of a Bipartisan Fiscal Commission
The House Budget Committee held a hearing Tuesday to discuss and debate the pros and cons of several proposals to create a bipartisan fiscal commission to address the national debt and federal...
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Moody’s Sends a Warning on US Debt
By Michael RaineyMoody’s Investors Service on Friday changed its outlook for the U.S. credit rating from “stable” to “negative,” citing both the rapidly expanding national debt during a time of high interest rates...
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Romney and Manchin Call for Commission to Stabilize US Debt
By Michael RaineySens. Mitt Romney of Utah and Joe Manchin of West Virginia introduced a bill Thursday that would create a commission tasked with stabilizing the national debt. Warning that the nation’s finances are...
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US Debt Costs Hit $1 Trillion a Year: Analysis
By Michael RaineyPersistent budget deficits combined with a big jump in interest rates translate into a rapidly rising cost of servicing the national debt. According to an analysis by Bloomberg News, the annual cost...
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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...
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U.S. National Debt Tops $33 Trillion
By Michael RaineyThe national debt hit a new milestone Monday, topping $33 trillion for the first time, according to data published by the Treasury Department. The record amount reflects the size of the gross...
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U.S. Credit Rating Downgraded from AAA by Fitch
Fitch Ratings downgraded the long-term credit rating of the United States from AAA to AA+ on Tuesday, citing the U.S. government’s debt burden and its “expected fiscal deterioration over the next...
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House Lawmakers Announce Bipartisan Group Focused on the Debt
Fiscal hawks in the House of Representatives have a new BFF. A group of lawmakers led by Democratic Rep. Scott Peters of California and Republican Rep. Bill Huizenga of Michigan have formed the “...
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National Debt Projected to Soar Over Next 30 Years: CBO
By Michael RaineyDespite the dramatic showdown over the debt ceiling and the resulting budget agreement that restrains federal spending through 2025, the national debt is projected to rise to record levels over the...
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National Debt Tops $32 Trillion for the First Time
The U.S. national debt surpassed $32 trillion for the first time on Thursday, according to Treasury Department data released today. The milestone comes less than two weeks after President Joe Biden...
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Deficit Hits $1.2 Trillion for First 8 Months of Fiscal Year 2023
By Michael RaineyThe federal budget deficit was $236 billion in May, according to the Congressional Budget Office’s latest monthly estimate , bringing the total for the first eight months of the fiscal year to nearly...