Budget Battles
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Biden: ‘We’re Not Going to Get $3.5 Trillion’
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Democrats Battle Over Cuts to Biden’s Agenda
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Social Security’s Biggest Boost in Decades
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‘Fearmongering’ and ‘Cowardice’ on the Debt Limit
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The Debt Drama Isn’t Over Yet
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Senate Races to Avert a Debt Disaster
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Did McConnell Blink? Dems Claim Victory on Debt Limit
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House Passes Short-Term Debt Ceiling Increase, Postponing Potential Crisis to December
By Michael RaineyThe House returned to Washington Tuesday to approve a bill that temporarily raises the debt ceiling, enabling the U.S. Treasury to keep meeting U.S. obligations until at least early December. The...
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2021 Deficit Totaled $2.8 Trillion, CBO Estimates
The federal budget deficit for fiscal year 2021 totaled $2.8 trillion, the Congressional Budget Office estimated in a report released Friday. The gap is the second-largest on record, trailing only...
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Senate Votes to Defuse Debt Crisis, but Not Without More Drama
Senate Democrats voted Thursday night to raise the nation’s debt limit by $480 billion, a short-term fix to postpone until December the threat of economic disaster that had been looming later this...
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Senate Races to Avert a Debt Disaster
By Michael RaineyThe Senate is set to vote Thursday evening on an agreement to raise the debt ceiling and avoid a government default that could occur in less than two weeks, but some Republicans are unhappy about the...
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Did McConnell Blink? Dems Claim Victory on Debt Limit
Senate Democrats on Wednesday said they were prepared to accept an offer from Republican Leader Mitch McConnell of a short-term increase in the debt ceiling. The deal would delay — but not completely...
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Senate Heads for Another Doomed Vote on Debt Ceiling
By Michael RaineyLawmakers’ game of chicken with the debt limit was always risky. Now it’s getting downright dangerous. Democrats have set up another vote Wednesday on a bill that would suspend the federal debt...
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Biden to GOP: Stop Playing Russian Roulette With the Economy
By Michael RaineyPresident Joe Biden on Monday demanded that Republicans “stop playing Russian roulette with the U.S. economy.” Speaking to the press at the White House, Biden charged Republicans with being “...
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Manchin Drops a Bomb on Dem Spending Plans
Will they or won’t they? It’s still not clear whether Democrats will vote tonight on a $1 trillion bipartisan infrastructure bill. Progressives are still threatening to block the legislation as they...
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House Votes to Suspend Debt Ceiling
By Michael RaineyWith one eye on a rapidly shrinking calendar, Democrats in the House on Wednesday approved a stand-alone bill that would suspend the federal debt ceiling until December 16, 2022. The bill passed 219-...
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Yellen Warns Congress Debt Limit Deadline Is October 18
By Michael RaineyTreasury Secretary Janet Yellen on Tuesday again warned Congress about the dangers of not promptly raising the federal debt limit and said that, without action on their part, the U.S. could be forced...
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US Will Issue 20-Year Bonds as It Seeks to Finance Rising Debt
The Treasury Department said late Thursday that it will begin issuing 20-year bonds in the first half of this year as it seeks to fund a deficit expected to top $1 trillion a year for the foreseeable...
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Why A Growing Number of Economists Say the Government Needs to Spend More
By Michael RaineyWhile some Democratic candidates embraced the importance of addressing the debt and deficit in Tuesday’s debate, the topic seems to lack the urgency it once had. One reason, says Heather Long of The...
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Three Fiscal Takeaways from the Democratic Presidential Debate
The Iowa caucuses are less than three weeks away and the top four Democratic presidential contenders are tightly bunched in state polling, so the stakes were high at Tuesday night’s primary debate,...
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First-Quarter Deficit Grew by 12%, CBO Projects
The federal deficit for the first three months of fiscal year 2020 grew by $39 billion, or 12%, the Congressional Budget Office estimated on Wednesday. The deficit for October through December...
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Former Fed Official Calls for US to Issue More Long-Term Debt
In a column for Bloomberg Opinion, former Minneapolis Fed president Narayana Kocherlakota poses five big macroeconomic questions he sees for 2020 and beyond. Among them is how governments can take...