Budget Battles
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Trump's Legacy: $7.8 Trillion Rise in Debt
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Biden Unveils $1.9 Trillion ‘American Rescue Plan’
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Trump Impeached Again: What's Next?
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America’s Infrastructure Gap Will Hit $5.6 Trillion: Report
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Trump Impeachment Could Delay Biden Stimulus
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Biden Calls for Trillions More in Covid Relief
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Dems Pledge $2,000 Checks as Biden Agenda Gets a Boost
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What Trump and Biden Would Mean for Social Security
After years of warnings about the financial challenges facing Social Security, the coronavirus pandemic and its economic effects mean that the time to get serious about ensuring that full benefits...
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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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Op-Ed of the Day: Fighting the Next Recession Now
By The Fiscal Times StaffJason Furman, the former chairman of the White House Council of Economic Advisers under President Obama, has some advice for Congress: Start preparing for the next recession now. In a Wall Street...
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Americans Are Missing Out on Trillions in Social Security
By The Fiscal Times StaffAmericans will lose out on $3.4 trillion in benefits by claiming Social Security too early, according to a new report from United Income, an investment management and financial planning company...
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Growth of US Debt Slows, but Record Levels Still Ahead
By Michael RaineyThe national debt will reach “unprecedented levels” over the next 30 years, according to the new long-term budget outlook released Tuesday by the Congressional Budget Office. Federal outlays will...
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7 Ways to Fix America’s Fiscal Mess
Tackling the $22 trillion national debt can be done in very different ways. Underscoring that point, the Peter G. Peterson Foundation, a non-profit, non-partisan organization focused on increasing...
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Social Security Error Jeopardizes Medicare Coverage For 250,000 Seniors
By Susan Jaffe, Kaiser Health NewsAt least a quarter of a million Medicare beneficiaries may receive bills for as many as five months of premiums they thought they already paid. But they shouldn’t toss the letter in the garbage. It’s...