Budget Battles
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White House Warns of Recession if...
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McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling
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Biden Jumps Into Democrats’ Big Budget Battle
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A Middle-Class Tax Cut — or Is it a Tax Hike?
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Democrats Lay Out Their Tax Hike Plans
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Biden Defiant as Republicans Blast New Vaccine Rules
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Biden’s New Plan to Lower Drug Prices
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White House Warns Debt Default Could Cause Recession
By Michael RaineyThe Biden administration on Friday issued fresh warnings about the potential damage that could result from a U.S. debt default. "Hitting the debt ceiling could cause a recession,” a White House...
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McConnell Warns Yellen GOP Won’t Help Raise Debt Ceiling
By Michael RaineyFacing a potential default on U.S. debt payments in a matter of weeks, Treasury Secretary Janet Yellen called Senate Majority Leader Mitch McConnell on Wednesday to ask for his bipartisan cooperation...
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Democrats May Use Short-Term Funding Bill to Suspend the Debt Ceiling
By Michael RaineyFunding for a good chunk of the federal government runs out when the fiscal year ends on September 30, and the White House is reportedly pushing Congress to pass a short-term continuing resolution to...
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Yellen Warns US on Track to Default in October
By Michael RaineyTreasury Secretary Janet Yellen issued another warning to lawmakers Wednesday: Raise or suspend the debt ceiling as soon as possible. In a letter addressed to House Speaker Nancy Pelosi (D-CA),...
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White House Doubles Its Inflation Forecast, Slashes Deficit Estimate
By Michael RaineyThe Office of Management and Budget on Friday revised its inflation outlook for the fourth quarter upward to 4.8%, more than twice the 2% level forecast in May. That increase brings the White House...
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Deficit Totals $302 Billion in July, $2.54 Trillion Over First 10 Months of Year
By Michael RaineyThe U.S. budget deficit came to $302 billion in July, the Treasury Department reported Wednesday. Outlays were $564 billion during the month, down 10% from the year before but still at an unusually...
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46 Republican Senators Vow Not to Help Democrats Raise the Debt Ceiling
By Michael RaineyAll but four Republican senators have signed a pledge that they will not vote to raise the debt ceiling, sending another warning to Democrats that they are on their own on the pressing issue. Sen...
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Bipartisan Infrastructure Bill Chugs Along Toward Final Senate Passage
The $1 trillion bipartisan infrastructure bill is on track toward final passage this week after the Senate voted 68-29 Sunday night to end debate on the package. “It may have taken all weekend, but...
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Debt Ceiling Battle Looms as Yellen Calls on Lawmakers to Act
By Michael RaineyThe debt ceiling needs to be raised or suspended in the coming weeks, and some lawmakers had hoped that the budget blueprint released Monday would do just that, with Democrats including a provision...
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Senate Careens Toward High-Stakes Game of Chicken on Debt Limit
This right here is exactly what the facepalm emoji was made for: It’s looking ever more likely that Republicans and Democrats are headed for a September showdown over raising the debt ceiling. A two-...
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Government Fiscal Responsibility Matters Now More Than Ever
By Tracy C. MillerIf President Biden’s American Jobs Plan and American Families Plan are enacted, trillions of dollars of additional spending will need to be paid for over the next decade. This raises fundamental...
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Deficit Reaches $1.9 Trillion Over First Seven Months of Year: CBO
The federal government ran a $225 billion deficit in April, bringing the total deficit for the first seven months of fiscal year 2021 to $1.9 trillion, according to estimates from the Congressional...
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Republicans Rediscover Debt and Deficit Concerns. But Will Americans Care?
Republicans lawmakers are gathering in Orlando, Florida this week for a three-day retreat to plot policy and strategy, with an eye toward winning back the House in 18 months. “There’s going to be a...
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A Quick Guide to ‘Bidenomics’
By Michael RaineyPresident Joe Biden is proposing an array of policies that mark a dramatic shift away from decades of conventional wisdom about economics and politics in the U.S., Greg Ip of The Wall Street Journal...
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John Oliver Asks How Worried We Should Be About the ‘Undeniably Big’ US Debt
HBO’s “Last Week Tonight with John Oliver” dedicated the bulk of Sunday night’s episode to an in-depth look at the $28 trillion national debt, which Oliver called “an absolute f--- ton of money.” "...