Budget Battles
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Deficit Hits $1.5 Trillion in First 10 Months of Fiscal Year: CBO
By Michael RaineyThe federal budget deficit was $1.5 trillion in the first 10 months of the 2024 fiscal year, according to an initial estimate released by the Congressional Budget Office released Thursday. The...
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7 Proposals to Rein In the Debt
By Michael RaineyAlthough it may be hard to imagine now, at some point in the not-too-distant future the 2024 election will be over and a new government will take over in Washington. No matter who is in power, the...
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Meet the New Trump, Same as the Old Trump
Football fans likely remember an angry postgame press conference rant by Arizona Cardinals Head Coach Dennis Green in 2006. His team had just blown a 20-point halftime lead to the Chicago Bears,...
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Trump’s Republican Platform Drops Any Mention of National Debt
Ahead of the Republican National Convention in Milwaukee next week, the GOP on Monday published its 2024 platform — a 16-page outline of the party’s policy positions for a second Trump term. The...
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IMF Warns of ‘Pressing Need’ to Address U.S. Debt
The International Monetary Fund said in a report Thursday that the U.S. economy “has turned in a remarkable performance over the past few years,” but added that there is now “a pressing need to...
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A 30-Year Plan to Stabilize the National Debt
By Michael RaineyOn the heels of new projections from the Congressional Budget Office showing that the federal budget deficit and national debt will continue to rise for years to come, with the debt reaching record...
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Trump Added About Twice as Much to National Debt as Biden: Report
Whether Joe Biden or Donald Trump wins the White House in November, the next presidential term is likely to see the national debt reach a record size relative to the U.S. economy. A new analysis by...
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CBO Raises Its 2024 Deficit Forecast 27% to Nearly $2 Trillion
By Michael RaineyThe federal budget deficit will reach an estimated $1.9 trillion in fiscal year 2024, according to an updated outlook released by the Congressional Budget Office Tuesday. The new projection...
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IRS Takes Aim at a $50 Billion Loophole for Wealthy Taxpayers
By Michael RaineyThe IRS announced Monday that it plans to eliminate a loophole used by large, complex partnerships to avoid taxes – a move that could raise more than $50 billion over the next decade. The tax agency...
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Republicans Planning New Tax Cuts in 2025
By Michael RaineyRepublican lawmakers say they will push to extend the 2017 tax cuts for individuals set to expire at the end of next year, laying the groundwork for what is expected to be a major battle over fiscal...
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Deficits to Soar Over $2 Trillion a Year, CBO Says
By Michael RaineyThe federal government’s $1.6 trillion annual budget deficit will grow significantly larger over the next 10 years, according to the latest outlook from the Congressional Budget Office, released...
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Powell Warns of ‘Unsustainable’ Fiscal Path, Talks Rate Cuts
By Michael RaineyIn an interview that aired Sunday evening, Federal Reserve Chairman Jerome Powell told CBS’s “60 Minutes” that “almost all” of the officials involved in setting the central bank’s benchmark interest...
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House Budget Committee Approves Bill to Create Bipartisan Fiscal Commission
The House Budget Committee on Thursday approved a landmark bill to create a bipartisan fiscal commission that would make recommendations on how to address the rising national debt. The commission has...
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Tax Cuts or Spending Increases? What’s Driven the Rise in Debt
Does the U.S. government have a spending problem or a revenue problem? Republicans insist that rising deficits and debt and are caused by the former, while Democrats have argued that repeated tax...
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It’s the Economy, Stupid? Top U.S. Priorities in 2024
By Michael RaineyAmericans are becoming more concerned about immigration and U.S. involvement overseas, but the economy remains the number one issue overall for voters as we head into the 2024 election year,...