Budget Battles
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Pelosi, Mnuchin Point Fingers as Stimulus Talks Stall
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GOP Worries Mnuchin Is Giving Away Too Much
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Pelosi Says Help Is On the Way, but When?
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McConnell Warns Trump Against Pre-Election Stimulus Deal
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Pelosi Sets Deadline for Stimulus Deal
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US Deficit Soars to $3.1 Trillion
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McConnell Rejects Trump’s Call for Bigger Stimulus
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Trump’s Payroll Tax Plan Fizzles
President Trump’s payroll tax deferral plan is fizzling. The plan , meant to boost workers’ incomes by allowing their employers to postpone collection of the 6.2% employee share of the tax funding...
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Social Security Trust Fund Depleted by 2031: CBO
By Michael RaineyThe Social Security Old Age and Survivors Insurance fund will be depleted by 2031, according to a report released Wednesday by the Congressional Budget Office. The CBO said the surplus in the fund,...
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Trump’s Payroll Tax Deferral Gets Rolling
By Michael RaineyThe IRS issued guidance late Friday that provides details on President Trump’s executive action to allow employers to stop collecting Social Security taxes for employees starting September 1 through...
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Trump’s Payroll Tax Plan Is Hung Up in a Dispute With the IRS: Report
By Michael RaineyPresident Trump’s effort to suspend employee Social Security taxes starting September 1 is hung up over a dispute over who should be responsible for making the tax payments once the suspension is...
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Terminating Payroll Tax Could Wipe Out Social Security by 2023, Chief Actuary Says
Eliminating payroll taxes could drain the Social Security trust funds within a few years if no alternative source of funding is provided, the Social Security Administration’s chief actuary said in a...
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Biden Bashes Trump on Social Security, Taxes and Health Care
By Michael RaineyJoe Biden’s well-received acceptance speech for the Democratic presidential nomination Thursday night may have emphasized his differences with President Donald Trump —with a heavy focus on personal...
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What's in the GOP's New Coronavirus Relief Plan?
Congress is back in Washington this week and getting down to the difficult task of negotiating the next, and potentially final, coronavirus relief package. The parties are far apart, with House...
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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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A Look at America’s ‘Broken Retirement System’
By Michael RaineyMillions of baby boomers are discovering that getting older isn’t getting any easier, thanks in part to a retirement system that fails to deliver security for millions of Americans. “Every day, 10,...
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How the Coronavirus Could Damage Social Security
By Michael RaineyThe trustees for Social Security say the program’s long-term outlook for hasn’t changed much in the last year – but that’s ignoring any potential negative effects from the coronavirus. The latest...
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Where the Democratic Candidates Stand on Social Security
By Michael RaineyWith Bernie Sanders and Joe Biden clashing over their plans for the program, Social Security has become a flashpoint for the Democratic presidential candidates as we head toward the Iowa caucuses...
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How to Raise More Than $1 Trillion for Social Security
By Michael RaineyOne of the more popular ideas for improving the finances of the Social Security system is to raise the maximum level of income that is exposed to FICA (Federal Insurance Contribution Act) taxes...
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Chart of the Day: Record Low Poverty Rate
By Michael RaineyThe extensive array of government assistance programs — including Social Security, unemployment insurance, veterans’ benefits, nutritional aid, rental assistance and the Earned Income Tax Credit —...
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Democrat's New Taxes Wouldn't Hit Just Billionaires
By Michael RaineySome Democratic tax proposals are focused on making millionaires and billionaires pay more, but other households would be affected as well. Neil Irwin of The New York Times points out Tuesday that...
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How Mitt Romney Wants to Save Social Security and Other Trust Funds
By Michael RaineyA bipartisan group of lawmakers led by Utah Republican Sen. Mitt Romney introduced legislation Tuesday that would create new congressional committees focused on the fiscal health of federal trust...