Budget Battles
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Sniping Already Starting Over Baltimore Bridge Reconstruction Costs
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New Poll Finds Liberals and Conservatives Agree: Tax the Super-Rich
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Biden Vows US Will Pay to Rebuild Collapsed Baltimore Bridge
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How Congress Wasted ‘Months of Precious Time’ on the 2024 Spending Bills
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Senate Struggles to Avert Shutdown, Speaker Johnson Faces Revolt
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Long-Delayed $1.2 Trillion Spending Package Zooms to the Finish Line
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Debt Will Hit Record High This Decade, CBO Warns
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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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House Republican Caucus Calls for Raising the Social Security Retirement Age
By Michael RaineyThe Republican Study Committee, the largest conservative caucus in the House, released on Wednesday a 2025 budget proposal that would slash healthcare spending, raise the Social Security retirement...
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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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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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Romney and Manchin Call for Commission to Stabilize US Debt
By Michael RaineySens. Mitt Romney of Utah and Joe Manchin of West Virginia introduced a bill Thursday that would create a commission tasked with stabilizing the national debt. Warning that the nation’s finances are...
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US Retirement System Gets a C+
By Michael RaineyWith a mix of mandatory public and private pension programs, the Netherlands has the world’s best retirement system, according to a new ranking from the consulting firm Mercer. The European nation...
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Rising Income Inequality Hurts Social Security, Expert Says
By Michael RaineySocial Security faces a crisis in 2034, when its main trust fund is projected to become insolvent, potentially resulting in significant cuts in benefits. Simple demographics play a major role in the...
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GOP Candidates Clash Over Government Spending, Entitlements
Although the opening exchanges of last night’s Republican presidential primary debate aren’t making many highlight reels and recaps, they showed the candidates trying to establish their fiscally...
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Social Security Benefits Could Be Cut by $17,400 a Year When Trust Fund Runs Dry
By Michael RaineyA typical retired couple could face a loss of $17,400 in their annual Social Security benefits in 2033, when the retirement program’s main trust fund is projected to run dry. That estimate comes from...
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Biden Taps a New Social Security Administration Chief
President Biden announced Wednesday that he intends to nominate former Maryland governor Martin O’Malley to head the Social Security Administration. “Since Day 1 I have fought to strengthen and...
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Social Security Benefits Set for a Huge Boost in 2023: Analysis
Social Security’s annual cost of living adjustment for 2023 will be the highest in four decades, according to projections from the Committee for a Responsible Federal Budget. While benefits this year...
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Rick Scott Drops Tax Hike Plan That Drew Bipartisan Backlash
Republican Sen. Rick Scott of Florida on Thursday revised his proposed agenda for the GOP and ditched language that had called for all Americans to “pay some income tax to have skin in the game.”...
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Save Social Security by Taxing the Rich? Democrats Have a Plan
By Michael RaineyThe Social Security trustees announced last week that the program’s trust fund will be depleted in 2035, at which point benefits would be cut by 20%, assuming Congress does nothing to alter its...
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Forecast for Social Security and Medicare Brightens a Bit, but Time Still Running Out
The financial outlook for Social Security and Medicare improved a bit this year as the result of a stronger-than-expected economic recovery from the Covid pandemic, according to annual reports...
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Biden Says Inflation Is Top Priority, Slams ‘Ultra-MAGA’ GOP
President Joe Biden on Tuesday called inflation “the number one challenge facing families today” and said that addressing rising prices is at the top of his domestic agenda. “I know that families all...