Budget Battles
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Republicans Fume Over ‘Dumpster Fire’ Funding Bill
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Congress Struggles to Reach Deal to Avert Government Shutdown
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GOP Hardliners Say Border Bill Should Come Before Tax Cuts
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Senate Tees Up Vote on a Social Security Boost for Millions
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House Passes Massive Defense Bill
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Trump’s Tax and Tariff Plans Are a ‘Major Mistake,’ Biden Warns
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Trump ‘Can’t Guarantee’ Tariffs Won’t Raise Prices
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Penn Economists Propose Reforms to Cut Debt Without Economic Damage
Economists at the Penn Wharton Budget Model have constructed a package of 13 major tax and spending reforms that they say can grow the U.S. economy while also reducing federal debt and enhancing the...
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Extending the Trump Tax Cuts Won’t Do Much for the Economy, CBO Says
By Michael RaineySaying they want to fulfill a pledge made by President-elect Donald Trump and avoid burdening the economy with higher taxes , Republicans in Congress plan to extend the individual tax cuts passed in...
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National Debt Tops $36 Trillion
By Michael RaineyOn Thursday, the gross U.S. national debt surpassed $36 trillion for the first time, according to data from the Treasury Department . Debt held by the public – a subset of the gross national debt...
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Trump Makes a MAGA Comeback
Donald Trump’s election to a second term in the White House cements an astonishing and historic political comeback, delivering supporters of his MAGA movement a profound sense of vindication while...
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US Deficit Totals $1.8 Trillion for Fiscal Year 2024: CBO
The federal government’s budget shortfall for fiscal year 2024 grew by $139 billion from the previous year to reach $1.8 trillion, according to an estimate released Tuesday by the Congressional...
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Speaker Johnson Outlines 5-Point Republican Agenda for 2025
House Speaker Mike Johnson pitched Wall Street today on Republicans’ agenda of tax cuts and deregulation, promising to deliver an economic boost while also pursuing “fiscal responsibility” if former...
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Moody’s Warns Growing Deficits Could Take a Toll on US Credit Rating
By Michael RaineyPolitical polarization could make it more difficult for the next administration in Washington to address the country’s deteriorating fiscal situation, and that may have negative implications for the...
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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...