Budget Battles
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Biden and Trump Joust Over Jobs Report
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IRS Unveils Plan to Crack Down on the Rich
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Marjorie Taylor Greene Says She’ll Force Vote to Oust Johnson
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Democrats Say They’re Ready to Rescue Mike Johnson
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‘A Good Day for America’: Biden Signs $95 Billion Foreign Aid Bill
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Senate Advances $95 Billion Foreign Aid Package
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GOP Infighting Continues as Senate Heads for Aid Vote
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Deficit Tops $1 Trillion in First 6 Months of 2024 Fiscal Year
By Michael RaineyThe federal budget deficit totaled $1.06 trillion in the first six months of the current fiscal year, the Treasury Department reported Wednesday. Receipts rose to a record $2.18 trillion, an increase...
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Debt Danger Ahead Even Greater Than CBO Sees: Analysis
The team at Bloomberg Economics is warning that federal debt is set to grow even higher as a share of the economy than the most recent projections from the Congressional Budget Office, which see the...
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BlackRock CEO Warns of a Retirement Crisis
Larry Fink, the billionaire chairman and CEO of investing giant BlackRock, warns in a newly published annual letter to shareholders that it’s time to rethink retirement savings in aging countries...
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CBO Projects Major Run-Up in National Debt
By Michael RaineyThe latest long-term outlook from the Congressional Budget Office shows a big increase in the national debt over the next 30 years, with publicly held debt rising to 166% of gross domestic product by...
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Biden Proposes a $7.3 Trillion Budget for 2025
President Biden on Monday proposed a $7.3 trillion budget for fiscal year 2025 that seeks to lower the costs of prescription drugs, child care and housing while also cutting the deficit by $3...
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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,...
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Will Biden Ultimately Negotiate on the Debt Limit?
Will they or won’t they? The White House insists that raising the debt limit is the responsibility of Congress and that it won’t negotiate with Speaker Kevin McCarthy (R-CA) and House Republicans who...
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Elizabeth Warren Slams GOP ‘Con Game’ on Debt Ceiling
By Michael RaineySen. Elizabeth Warren (D-MA) is calling on Democrats to resist the Republican demand for negotiations over raising the $31.4 trillion debt ceiling, saying it’s just another GOP attempt to slash...
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6 Million Jobs Could Be Lost if US Defaults on Debt: Moody’s
By Michael RaineyIf the Republican-led showdown over the debt ceiling goes off the rails and results in a default on the nation’s obligations, the U.S. economy could suffer a severe economic blow, according to a new...
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Treasury Has About $500 Billion of Headroom: Report
By Michael RaineyNow that the U.S. has bumped against the federal debt limit, the Treasury Department is taking “extraordinary measures” to keep paying its bills – basically shuffling funds and delaying payments in...
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US Hits Its $31.4 Trillion Debt Limit: What Now?
The United States officially hit its congressionally authorized borrowing limit of $31.381 trillion on Thursday, forcing the Treasury Department to start using “extraordinary measures” to avoid a...