Budget Battles
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House Republicans Pass Defense Bill Packed with Culture War Policies
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Trump Promises CEOs Another Tax Cut
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Price Hikes Ease in May, Raising Hopes in Battle on Inflation
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Surprisingly Strong US Economy Is Powering Global Growth: World Bank
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White House Slams Republican Tax Cut Plans
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Blockbuster Jobs Report Sends Mixed Message to the Fed
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Trump Tax Cut Extension Won't Pay for Itself: Analysis
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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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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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Moody’s Warns on Shutdown Risk
By Michael RaineyMoody’s Investors Service warned Monday that a government shutdown would be seen negatively by the credit rating agency. Of the three major ratings agencies, Moody’s is the only one that has...
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U.S. National Debt Tops $33 Trillion
By Michael RaineyThe national debt hit a new milestone Monday, topping $33 trillion for the first time, according to data published by the Treasury Department. The record amount reflects the size of the gross...
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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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Inflation, Budget and Debt High on GOP Voters’ List of Priorities: Poll
As eight Republican candidates not named Donald Trump aim to use tonight’s initial 2024 presidential primary debate to build some momentum in the race for the GOP nomination, policy matters may take...
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A Battle Over Spending? White House Says Bring It On
By Michael RaineyAlthough Republicans have sometimes dominated the debate over efforts to reduce deficits and the debt, the Biden administration thinks it may have gained the upper hand on the issue – and looks...