Budget Battles
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House Republicans Release Plan to Cut FBI Funding
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Trump Ran Up National Debt Twice as Much as Biden: Report
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Senate Republicans Offer Bill to Exempt Tips From Taxes
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A Trump Win Would Mean Higher Inflation, Recession Risk: Moody’s
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CBO Jacks Up Deficit Forecast 27% to Nearly $2 Trillion
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Trump’s Plan to End Taxes on Tips Could Cost $250 Billion
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House Republicans Pass Defense Bill Packed with Culture War Policies
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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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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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U.S. Credit Rating Downgraded from AAA by Fitch
Fitch Ratings downgraded the long-term credit rating of the United States from AAA to AA+ on Tuesday, citing the U.S. government’s debt burden and its “expected fiscal deterioration over the next...
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House Lawmakers Announce Bipartisan Group Focused on the Debt
Fiscal hawks in the House of Representatives have a new BFF. A group of lawmakers led by Democratic Rep. Scott Peters of California and Republican Rep. Bill Huizenga of Michigan have formed the “...
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National Debt Projected to Soar Over Next 30 Years: CBO
By Michael RaineyDespite the dramatic showdown over the debt ceiling and the resulting budget agreement that restrains federal spending through 2025, the national debt is projected to rise to record levels over the...
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National Debt Tops $32 Trillion for the First Time
The U.S. national debt surpassed $32 trillion for the first time on Thursday, according to Treasury Department data released today. The milestone comes less than two weeks after President Joe Biden...
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Deficit Hits $1.2 Trillion for First 8 Months of Fiscal Year 2023
By Michael RaineyThe federal budget deficit was $236 billion in May, according to the Congressional Budget Office’s latest monthly estimate , bringing the total for the first eight months of the fiscal year to nearly...